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

282 the separation of the role of CEO from that of chairman of the Board. Separation of these two roles was being suggested for the Bank. The staff and most of the management of the Bank were unaware of the issue. I did some research, sought the views of a colleague (a former president of the Federal Reserve Bank of New York) as well as heads of other regulatory bodies. A paper opposing the separation was sent to the minister of finance who ultimately maintained the status quo. This was a vote of confidence in the Bank and in me; the outcome for the Bank and for me could have been very different. I argued that should the governor not be the Chair, then the Chair would need to be as skilled as the governor. Therefore, it was logical to combine these skills in the person of a Chair who was governor so as to avoid any doubt about decision-making in the Bank and any adverse impact on public confidence. Ensuring quality service and oversight of a developing financial system My tenure was characterised by increasing complexity in the financial system. This was evident in the global movement of funds, the growing incidence of cross-border ownership, volatility in the location of assets and liabilities and the proactive initiatives of one of our Caricom neighbours. As a consequence, oversight institutions became more prevalent and the Bank’s regulation of the financial system, more widely defined, was enhanced. The Bank worked actively on those areas within its mandate and supported those outside it, but took care while complying with international standards to take our national and regional circumstances into account. We strengthened our contacts with regional and international regulatory bodies. Our oversight role was made even more difficult by the attack against the international financial centres or “off-shore jurisdictions” as they were called. New challenges presented by changes of ownership in the financial system also occupied the attention of the Bank.