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

58 the commercial banks were allowed to set their own on-lending rates. The Bank made a major step towards modernising its operations when the firm of Systems (Caribbean) Ltd. was hired in 1979 to advise on computerisation in the Bank. As a consequence of its recommendations, the Management Information Systems (MIS) Department was established in April 1980 to develop and install computerised systems. Darcy Boyce was recruited from the post of assistant manager, banking and currency, to head the new department. 36 The first systems to be developed by the MIS Department were for export proceeds and accounts maintenance. There were also changes in the number of established management positions; one was the creation of the post of deputy head of department. This position was first introduced in the Exchange Control Department during 1976, followed by the Research and Accounts Departments in 1978 and 1982, respectively. The post of legal officer, created in 1982 mainly to attend to the Bank’s growing involvement in off- shore financial activities, was later upgraded to the level of deputy head of department. By 1983, there was also a deputy bank secretary as part of a drive to enhance the personnel management functions, but this post was redesignated personnel manager in 1985. In October 1982, a post of adviser was created with Deputy Director of Research, Winston Cox, as the incumbent. The responsibilities included liaising with international financial institutions, government departments and statutory corporations as well as helping with the governor's administrative duties. During the following year, the position was upgraded to the level of a head of department. The most significant changes in the Bank’s management structure took place towards the end of the period. The Plan, which was first revealed late in 1984, called for the creation of two divisions in the Bank as it was felt that the general manager's span of control was too wide-ranging. As a result, two posts of divisional director were created in early 1985 to decentralise operations and promote increased staff participation in decision-making. Calvin Springer, accountant since 1972, was appointed director of operations, with primary responsibility for the Accounts and Banking and Currency Departments and, later, the Industrial Credit Fund. Research