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

304 67 The Royal Barbados Police Force Band recorded their new CD and Amanda Fields, recorded a demo for an international classical competition. 68 The external members of the Church Village and Masonic Lodge Committee were Senator Sir Henry Fraser, environmentalist; Senator Sir Trevor Carmichael, President of the BMHS; the Very Rev. Frank Marshall, Dean of St. Michael’s Cathedral; Peter Stevens, Vice-President of the Barbados National Trust and Stuart Layne, CEO, the Barbados Tourism Inc. (BTI). 69 This project was funded by BTI from resources provided by the CDB. 70 The DIC commenced operations under the guidance of a board chaired by former high court judge Leroy Inniss, and Octavia Gibson, the Deputy Director in charge of currency operations, was seconded to head a team to get the entity up and running. The Bank is the sole shareholder of the DIC. 71 That decision was in keeping with the current trend in the Caricom region. 72 The Bank was represented on the Task Force that was selected to help resolve the CLICO issue. 73 See the sub-section entitled “Adjustments to the structure” in Chapter 3, for a description. 74 Fire drills date from the mid-1990s, but were not held frequently. 75 An Information Security Awareness Programme was first introduced in 2004. 76 There was a theft of $100 notes totalling $1.5 million during 2007. 77 In 1998, the Bank’s mainframe was sent to the Bagatelle landfill in St. Thomas. Bought in 1986 for $350,000 the IBM 4361 had succumbed to what Carl Moore called “technological obsolescence” in a Bank Notes article captioned “Requiem for a mainframe”. 78 In that regard during 2004, the MIS Department participated in the Bank’s Outreach Programme for Secondary Schools through the hosting (along with several vendors) of an IT Fair for 1,200 secondary school students who were preparing for various examinations. 79 The staff in the Library, who managed the Internet service, used it to circulate satellite images of Luis, that year’s killer hurricane. 80 See “How do Caribbean Central Banks’ websites stack up against each other?” by Roland Craigwell and Winston Moore, in Bank Notes , Volume 15, No.1, October 2001. 81 The IMF has expressed some concern about liberalising exchange controls while maintaining a fixed exchange rate. See IMF Staff Report for the 2007 Article IVConsultation with Barbados.