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

22 A preliminary meeting between the prime minister and the Board took place in the Conference Room at Government Headquarters on Monday, May 8, 1972. Kroc and Brathwaite also attended. During the discussion, it was agreed that US$4.6 million in non- income-earning assets would be available for capitalisation of the Bank, that salaries would be paid through an advance of $250,000 from Government and that the salaries paid to the Bank’s staff could be higher than those in effect for the general Civil Service. It was also agreed that Brathwaite, Walkes and Bellamy were to be seconded from the Ministry of Finance. Some time was also spent discussing office accommodation and the printing of currency notes and, with respect to the former item, it was announced that the 4th floor of the Treasury Building would be made available to the Bank. The prime minister suggested some priorities for research work which included topics such as commercial bank operations, the link with sterling, interest rates and hire-purchase arrangements. In this regard, Blackman underscored the importance of setting up a Research Division and a library, adding that a chart room would be useful to the research effort. Government’s intention to disengage from the ECCA was also considered. After the meeting, the governor and the other Board members visited the proposed accommodation in the Treasury Building. The directors lost no time in addressing the issues that were necessary for giving the young institution a firm foundation. The first statutory meeting of the Board was held on June 16, 1972, less than a week after the governor took up office. There was some discussion on terms and conditions of employment for the governor and a salary for his secretary, but consideration of appointments to the posts of bank secretary, The first Board of Directors in session. Left to right, D.P. Lynch, Dr. Courtney Blackman (chairman), Rudolph Kroc (general manager), Neville Osborne and Kurleigh King.