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

141 achievements are, in part, a testimony of good governance. This has been shaped by, inter alia , organisational change, good relations with Government, strong finances and timely amendments to the Central Bank Act. Several of these developments were most obvious during the period after 1987. ORGANISATIONAL CHANGE Throughout its existence, the Bank adopted a flexible approach to its organisational structure in order to maintain efficiency and achieve its objectives. At its establishment, the senior officers were the governor and general manager. While the governor signed off on policy matters, the general manager was in charge of administration. But during the 1980s, increasing responsibilities and the growing establishment made it necessary to position additional administrative expertise at the top of the organisation and to pursue greater efficiency through grouping departments according to the functions they had in common. Major changes in the organisational structure occurred under the stewardship of Governor King. The position of general manager was abolished in 1988 and the position of divisional director was upgraded to deputy governor. In addition to Accounts, Banking and Currency and the Industrial Credit Fund, Calvin Springer was given responsibility for Exchange Control as well as Credit Insurance and Export Guarantees. DeLisle Worrell retained oversight of the Research and Information Division which included the Research, Bank Supervision and MIS Departments. A legal counsel was added to the establishment in 1988, at a level above a head of department. The office-holder focused mainly on matters pertaining to the offshore financial sector (as it was then known) since the Bank still retained external legal assistance. When the incumbent resigned in 1993 the position was restyled legal officer, some of its responsibilities were removed and it was placed at the level of a deputy head of department. However, at the end of 2000, on the retirement of long- serving Bank Secretary, Adrian Clarke, a decision was taken to absorb the position of legal officer into the post of bank secretary. This situation did Chapter 4: Maturity, Modernisation and Issues of Governance: 1987 and Beyond