Sun | Oct 21, 2018

Finsac’d association eager for FINSAC report

Published:Monday | February 20, 2017 | 3:28 PM

President of the Association of Finsac’d Entrepreneurs, Yola Gray-Baker, says the association is eagerly awaiting the long-delayed report of the Financial Sector Adjustment Company (FINSAC) Commission.

According to Gray-Baker, the Commissioners resumed their work last month after the panel was re-appointed last December.

The Estimates of Expenditure for the 2017-18 financial year, which is currently before Parliament, show that approximately $43.6 million has been allocated to cover the expenses of the FINSAC Commission.

Last month, Finance Minister, Audley Shaw, disclosed that the FINSAC Commissioners would be re-appointed and that the panel would be given seven months to complete the report.

Gray-Baker says her association welcomes the Government’s commitment to have the FINSAC report completed.

Stressing that many Jamaicans continue to suffer because of the financial sector crash, she says the association hopes that the report will be expedited.


President of the Association of Finsac’d Entrepreneurs, Yola Gray-Baker

The FINSAC Commission was set up to probe the meltdown of the financial sector in the 1990’s which saw dozens of Jamaicans losing their savings and properties.

The panel was established in 2008 and began hearing submissions the following year and completed its proceedings in 2011.

A report of the findings has been outstanding for sometime as the previous People’s National Party administration refused to allocate more money to allow the Commission to complete its work.