Both Sides of The Coin: The Story of The Central Bank of Barbados 1972-2017

119 interbank guarantees to cover lending by other banks to CMFC. Thereafter, the Bank participated in efforts to resolve the challenges faced by CLICO 72 . Domestic and regional collaboration The Bank recognised the usefulness of a collaborative approach to regulatory matters both at home and in the Caricom region. On various occasions, the Bank Supervision Department inspected the operations of regional financial entities, offered attachments to their officers and hosted training courses for regional bank examiners. The Bank constantly contributed personnel to regional expert teams and working groups dealing with issues ranging from mutual evaluations of country practices, to draft legislation for the Caricom Secretariat and the Basel Accords. Given the importance of information-sharing to its work, the Bank was a signatory, in 2004, to a multilateral MOU among regional bank supervisors as part of the effort to strengthen consolidated supervision; a revised MOU was initialled in 2011. During 2009, an MOU was concluded with the Office of the Superintendent of Financial Institutions (OSFI), the home regulator of Canadian banks operating in the region. Collaboration with other interested domestic entities was also pursued. During the mid-1990s, the Bank worked on financial sector initiatives with the Institute of Chartered Accountants of Barbados, the Attorney-General’s Office and the Caribbean Financial Action Task Force (CFATF). After the formation of the Anti-Money Laundering Authority in 2000, that entity also became a close contact. The Bank started to host a forum of local regulators during the late 1990s. This initiative paid off in 2006, when an MOU on the exchange of information was signed with the Supervisor of Insurance, the Securities Commission, the Ministry of Economic Affairs, the Department of Corporate Affairs and Intellectual Property, the Barbados Stock Exchange, the Registrar of Cooperatives and the Financial Investigations Unit. Chapter 4: Maturity, Modernisation and Issues of Governance: 1987 and Beyond