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Credit unions under THE BANK of Jamaica(BOJ) microscope

Published:Saturday | February 27, 2010 | 12:00 AM

THE BANK of Jamaica (BOJ) has been instructed to take a second look at plans to bring credit unions under its regulatory framework.

Principals in the credit union movement have raised objections to proposals by the Government to place these institutions under the regulatory regime of the central bank.

Finance and Public Service Minister Audley Shaw on Wednesday divulged that he had advised the BOJ to review the decision.

"My instruction to the Bank of Jamaica, now under the new leadership, take another look at it, see how some of the areas can be softened and tailor-made to the peculiarities of the credit union movement," he said.

Shaw said that following the central bank's review, Cabinet would also be asked to consider the recommendations.

The finance minister's comments came during a debate in Gordon House on An Act to Amend the Industrial and Provident Societies Act.

The bill was passed without changes.

legislative framework

Amendments were made to the parent legislation to improve the legislative framework governing industrial and provident societies.

The changes to the Industrial and Provident Societies Act will facilitate the transfer of the supervisory duties of the Registrar of Companies to the Registrar of Cooperatives.

Member of Parliament for East Kingston and Port Royal Phillip Paulwell said the Opposition supported the bill.

He said the amendments were commendable.