Banking, Investment and Financial Services Bank of the Year titles and awards, praise from a US government agency, launch of new financial products and services (such as mobile banking, gold bullion certificates and access via mutual funds to Latin American and international equity markets) and continuing excellent reports on financial strength and stability were some of the positive developments in 2012. New legislation and initiatives promise 2013 will be an eventful year for the sector. Nevertheless, the Central Bank’s April 2013 Monetary Policy Report noted, “Business lending continues to be depressed having lost momentum since July 2012.Consumer credit has also been expanding at a slow speed and was mainly for the purchase of motor vehicles and home improvement/renovation. Real estate mortgage lending remains the only credit category demonstrating sustained growth in 2012 and into early 2013.” Significant developments in 2012/2013 include: • Appointment of Larry Howai, former Chief Executive Officer of the highly successful First Citizens Group as new Minister of Finance and the Economy in June 2012 • Appointment of Jwala Rambarran as the new Central Bank Governor in July 2012 following the retirement of Dr Ewart Williams
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• Appointment of Dr Alvin Hilaire as Deputy Central Bank Governor effective April 1, 2013 • Passage of legislation introducing incentives for a Financial Institution Support Services Industry • Setting up of regional back office operations in 2012/2013 by two banks • Investment in Ghana’s HFC Bank by Republic Bank • Progression to the White Paper stage of the Trinidad and Tobago Investment Policy (2012-2016) • Listing of 204 million units in CLICO Investment Fund (CIF) in January 2013 • First Citizens Group’s Initial Public Offer (IPO) launched in July, 2013 with two more IPOs expected in 2013 • Launch of SME market on T&T Stock Exchange in 2012 with TTSE hoping for first listing in 2013 • Suggestion by CB Governor Rambarran of diaspora bonds as a viable instrument to enable region to borrow from its