Sat | Nov 18, 2017

Deadline for FINSAC report again pushed back, Commission budget revised

Published:Wednesday | September 13, 2017 | 2:17 PMJerome Reynolds
Reid

The budget of the Financial Sector Adjustment Company (FINSAC) Commission of Enquiry has been revised to approximately $58 million.

The delay-plagued Commission has again been given a new deadline to produce a report. 

Information Minister Ruel Reid told a post-Cabinet press briefing this morning that the deadline to submit a report has been pushed back by three months.

The Finsac commissioners were reappointed in January and the enquiry was allocated $35.7 million in the Supplementary Estimates to complete its work.

The Estimates of Expenditure for the 2017-18 financial year, which was passed by Parliament in March, allocated approximately $43.6 million to cover the expenses of the FINSAC Commission.

Finance Minister Audley Shaw had indicated that the Commission would be given seven months to complete the report, which has been stalled since 2012.

In reappointing the finsac commissioner, Cabinet instructed that the Commission abide by a strict schedule and stated that no further extension would be given.

However, Reid told reporters that the Commission indicated that it is dealing with a high volume of work and needs more time.

 

Information Minister, Reul Reid

The FINSAC Commission was set up in 2008 to look into the collapse of the financial sector in the 1990s.

It began hearings in 2009 and after delays competed sitting in 2012.

Following a change in administration, the previous People’s National Party government said the enquiry cost the country too much and it would not spend anymore money for the commission to produce a report.