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

91 MATURITY During the period from 1987 to 2017, the Bank encountered many of the challenges that come with maturity. The changing of the guard was evident throughout the organisation; many long-serving staff members retired and there were frequent changes at the level of governor although all of the new incumbents had previous association with the Bank. With a staff complement approaching 300, the management of human resources was a major issue and, as the headquarters building aged, maintenance and safety assumed more importance. The Bank also had to constantly renew its approach to regulatory issues because of the growth and increasing complexity of both the international financial sector and the domestic financial system. Finally, the Special Schemes presented their own challenge, inasmuch as changed economic circumstances led to declining use and, consequently, a need for new approaches. CHANGES AT THE TOP At the start of this period, the Bank’s establishment provided for a governor, a general manager and two divisional directors. The position of general manager was abolished in 1988, after the departure of Edward “Teddy” Griffith, who had held the office for 10 years. In the following year, the position of divisional director was upgraded to deputy governor. CHAPTER 4 MATURITY, MODERNISATION AND ISSUES OF GOVERNANCE: 1987 AND BEYOND Chapter 4: Maturity, Modernisation and Issues of Governance: 1987 and Beyond