BANKING REFORM UNDERWAY MAYBE?

There has been a back and forth in the press now for over two weeks between the Chairman of the PLP Fred Mitchell and the Clearinghouse Banks Chairman Gown Bowe on the need for reform in the banking sector.  Mr. Mitchell has called repeatedly for the Central Bank to take a more aggressive stance with regard to regulating banks and bank fees and making them improve their services as well as restore services to unbanked communities.  The Central Bank has now weighed in publicly with a document which indicates what its views are on reform.  This week the Prime Minister Philip Davis has promised that he will have consultations with the sector about the services which they offer to the Bahamian public.  Let’s hope that reform is coming for real this time, sooner rather than later.