Banking in the bahamas

Workshop on Caribbean Banking and the Caribbean International Financial Services Sector 24 September, 2015 Workshop No. 2 Economic Impact and Risks

Banking in The Bahamas Central Bank Definition of Banking Amendment to Banking Legislation Amendment to Cooperatives Legislation Bank Licences Correspondent Banks Exchange Control Regime

Geographic Landscape

Geographic Landscape (cont.)

Funding for SMEs • Banks traditionally lending is collateral based • Difficult to fund activities in the Family Islands due to generation and commonage property • Development Bank & other Government agencies (Venture Capital Fund, BAIC MicroLending Facility) not sustainable

New Developments • Financial & Corporate Service Providers Act • Development of the Numbers Business & Webshop Gaming • Outsourcing of functions & consolidation of Branches by Banks • Post Office Savings Bank • Webshop owners pursuing bank licences