Sat | Jan 28, 2023

Letter - FSSF shouldbe no surprise

Published:Friday | January 29, 2010 | 12:00 AM

JUST READ your article online. It is amazing that the size of the Financial Sector Support Fund (FSSF) comes as a surprise for players in the finan-cial system in Jamaica.

If you look around the globe at the level of assistance/bailout of the financial systems since the fall of 2008, the US$1 billion FSSF should not come as surprise.

Without even conducting any detailed technical analysis of the Jamaican economy and the health of the financial system, my experience tells me that Jamaica is in for a very rocky road.

May I suggest that you ask of the Bank of Jamaica, to what extent banks have been implementing component of Basel II require-ments, particularly with respectto market disclosure on risk management.

Mark McKenzie