Restoring trust takes time, counters CBCS | THE DAILY HERALD

WILLEMSTAD–The Executive Board of the Central Bank of Curaçao and St. Maarten (CBCS) expects the appointment of a new president-director to contribute to “strengthen” and “further professionalise” the monetary authority.

That is what management wrote in response to a letter from the Dutch Minister of Finance Wopke Hoekstra to the Second Chamber of Parliament in The Hague House expressing “increasing concern about the functioning and the integrity” of CBCS, reason why he is having sorted out how the supervisory role of the Dutch Central Bank DNB on branches in the Caribbean Netherlands – also known as BES (Bonaire, St. Eustatius and Saba) – of financial institutions headquartered in Curaçao or St. Maarten can be reinforced.

In a first reaction, CBCS points out that this criticism is not new. “Management shares the concerns of both the minister and DNB on certain points. After all, when the new management took office in November 2017, they found a situation where improvements had to be made to various elements in order to guarantee the integrity and credibility of the institute.”

The release then lists measures taken in the last 18 months “that should lead to the restoration of confidence in the CBCS as a supervisory institution.” It is emphasised that this process needs time.

Source: The Daily Herald