by Natalie Monique
In trying to survive the ups and downs of the current Economic climate (not just in the Caribbean but worldwide), persons many times have been left with only the option of borrowing, many times proving to be unsuccessful. Many persons have great business ideas, which could possibly result in improvement in various industries, but spend more time trying to figure out how they will fund these projects/businesses. The Caribbean Association of Banks took a step in trying to improve lending policies in the region, through training, by organizing a Two Day workshop held in St. Lucia, to help Caribbean Bankers and Financial advisors improve in skills, to better analyze credit needs. Read below:
Media Release (June 6, 2012)
Representatives of several regional financial institutions converged on Saint Lucia on June 4th and 5th for a training seminar on “Advanced Credit Analysis.”
The seminar, facilitated by the Caribbean Association of Banks (CAB) in collaboration with the Jamaica Institute of Financial Services was held at the Bay Gardens Inn in the north of the island.
Chairperson of the Association, Saint Lucian Banking Executive Carol Eleuthere – Jn. Marie addressed participants during the closing ceremony. Jn. Marie highlighted current challenges faced in the financial sector in the context of the economic climate.
“Most of our clientele, as far as confidence in the financial services sector is concerned- it’s becoming a challenge for us to convince our own clients that we are there for them. Although we keep saying that we are here for you, our focus is on you. As an association, one of the things we have been trying to push for at least during my term of office is harmonization of legislation.”
Jn. Marie says by bringing together subject matter experts at different levels, the CAB agenda to establish a common Caribbean Credit Bureau, and harmonize legislation will be more easily realized.
The sharing of experiences, best practices, and weaknesses among regional colleagues, Jn. Marie says, is imperative to harmonization, and the promotion of economic growth. “ To many, a good creative concept or a good idea is killed at the hands of a loans officer. And when you look at it, it’s true, because if a good concept is brought to you, and you don’t have the ability to critically analyse and assess, and see through all the paperwork and information that is presented and be able to analyse correctly and make a correct decision, you can kill somebody’s dream. But not just kill a dream, you can kill a small business concept that can grow and evolve into something big.”
Jn. Marie challenged participants to return to their institutions with a different and more critical eye, to grow business opportunities to help the regional economy survive the tough economic climate ahead.
The Advanced Credit Analysis seminar was facilitated by Robert Britton, Banking Consultant of Keith Checkley and Associates.