The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Prime Minister Perry Christie yesterday said the Government is “working hard” to sustain the financial services industry, given the threats posed by correspondent banking ‘de-risking’ and other initiatives.

Mr Christie, who was delivering the keynote address at the Inter-American Conference on social security, said the financial services industry was vital to sustaining the Bahamian middle class.

“We have to find products that may have more relevance to Brazil, Mexico and Latin America than, say, to Europe or the United States of America,” the Prime Minister said.

“We’re working hard to sustain the financial services industry that has contributed  to the well-being of the middle class in this country. This is true of Antigua, Barbados and countries in the region with financial services industries that are members of CARICOM.”

Mr Christie added: “There are major issues of correspondent banking that we have to deal with. The industry is now always under some form of threat.”

He said economic sustainability and job creation was was a key concern for the Government when it came to ensuring that the $1.6 billion National Insurance Fund is sustainable.

“Governments have to concern themselves in terms of the economy of a country and sustainability of contributors being able to be in jobs, and in position to continue to make contributions so that the fund is sustainable,” said Mr Christie.

He added that the Government would continue to strengthen the National Insurance Fund, noting the multi-million dollar investment in NIB’s Internet- based system.