The Tribune

EDITOR, The Tribune.

After seeing your story about our so-called competitive drop in providing financial services, I took the trouble to read the entire just published “Global Financial Centre 25 Report for 2019”, and totally agree with Minister Finance Turnquest that it should cause no concern for The Bahamas, or be of much relevance to serious financial analysts anywhere.

It’s a massive statistical compilation that must have taken thousands of working hours research by moles at the two think-tanks in London and China, and then more to compile and digest for readers. I don’t doubt that the facts and perceptions were drawn from many different metrics and respectable sources.

But to what purpose?

What is the relevance of precise arithmetic ranking of 112 “Global” centres ranging from New York and London to Casablanca – that romantic North African city hardly known for attracting international finance?

It’s as if the editors chose nearly every country that has a bank and called it “Global”.

Even the regional subdivisions are bizarre. “Caribbean and Latin America” includes both Bahamas and Buenos Aires, locations which have nothing in common and totally different resources and objectives. So what if Bahamas dropped precisely 18 slots? Comparative numerical ranking is pointless. Elsewhere, can Moscow be rationally be ranked against Baku? Or Zurich against Lisbon?

As suggested by Minister Turnquest and former Central Bank Governor James Smith, no serious private investor or corporate venture will put much weight on this Index in deciding whether to establish in Nassau, Cayman – or Mexico City. They will do on-the-ground investigation to learn the special qualities of each place

We hope the think-tanks sell enough copies to get a return on their investment.

RICHARD COULSON

Nassau,

April 8, 2019.