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Format of new parliamentary report undecided - BOJ

Published:Wednesday | July 23, 2014 | 12:00 AM

Avia Collinder, Business Reporter

The Bank of Jamaica (BOJ) said last week that, under new obligations created by the newly passed Banking Services Act, it will create an additional annual report which will be specifically for the use of legislators.

"The report to the Parliament on the bank's supervisory function will be in addition to the annual report from the BOJ which is now tabled in Parliament through the Minister of Finance pursuant to section 44 of the BOJA, (Bank of Jamaica Act)," the central bank said in response to questions from Wednesday Business.

The new obligation has been created under the Banking Services Act.

"The Banking Services Act was passed in June 2014 and will come into effect on a day appointed by the Minister," the BOJ said. The day of appointment has not been published up to this point.

"The Bill contemplates that there will be a specific report to the Parliament on the activities of the BOJ's bank supervisory functions at least once per year in the form of an annual report," it said.

As to the specifics and highlights of the new report, the BOJ said that this is yet to be determined.

"These details are still being settled," it said.

The manner of presentation, including whether or not the governor of the bank will present the report is also yet to be settled, the Bank said.