Erica Virtue, Senior Gleaner Writer

Finance Minister Dr Peter Phillips is to provide the nation with an update on the fate of the Financial Sector Adjustment Company (FINSAC) enquiry when he addresses Parliament on Tuesday.

The enquiry, which was set up under the Jamaica Labour Party administration to probe the collapse of the financial sector in the 1990s, has been stalled for some time, as the money allocated to it has run out.

With no financial provision for the enquiry in the 2012-2013 Budget, the commissioner has reportedly indicated to the finance ministry that they want $20 million to complete their report.

But the Government has responded that it wants better particulars before it spends one dollar more.

"The ministry requested a precise timetable and a budget for the completion of the report. The ministry has since received a new timetable and budget, and has asked for a detailed justification of the request," the finance ministry said in response to questions from The Sunday Gleaner.

"The FINSAC commission has not provided the first part of the report that was to be delivered by April 2012 and the commission missed the August 2012 deadline for the delivery of the second part of the report," added the ministry in its response.

The ministry further argued that former Finance Minister Audley Shaw was also unsuccessful in his efforts to get a report from the commissioners.

More time needed

"Prior to that, in December 2011, the then Minister of Finance Audley Shaw and the financial secretary had been requesting the completed report, which was not forthcoming. The commission explained that due to the volume of documents, they required more time to prepare the report," said the finance ministry.

Efforts to get a comment from the FINSAC commissioners were unsuccessful last week, while finance ministry sources said anything more would come when Phillips addresses Parliament.

The Government has committed to paying only stenographers' salaries until the report is completed.

More than $65M has already been spent on the commission of enquiry.