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

94 information technology (IT) and often discussed the Bank’s preferences for computer hardware with the MIS staff. Dr. King’s term expired in 1992. On July 26 of that year, it was announced that Deputy Governor (Operations), Calvin Springer, would be appointed to the post of governor from September 15. This appointment evoked some comment since Springer was relatively unknown to the wider public and did not have the training in economics or finance which some considered to be a requirement for the position. However, Blackman, by then a private consultant, indicated his pleasure at Springer’s appointment, explaining that the success of the Bank to date had been due in no small way to the integrity which Springer had brought to the post of accountant between 1972 and 1985. Springer took office during the 1991-1993 economic crisis and helped to bring the Stabilisation Programme to a successful conclusion. He brought several strengths to the position, not the least being that he knew the Bank from the ground up, having designed the accounting system and framed the financial rules. Governor Springer maintained a keen interest in the Bank’s accounting system to which several improvements were made under his watch. He placed high priority on the observance of rules and accountability and needed to be convinced before authorising unbudgeted spending; while he was governor the Bank’s annual profits never dropped below $11 million. It was during Springer’s time in office that the first woman deputy governor was appointed and the first woman chosen to deliver the Sir Winston Scott Memorial Lecture. The most trying time for Governor Springer was the highly-publicised industrial dispute of 1996. (See Managing Human Resources in Chapter 4). Not surprisingly, therefore, the groundwork for the establishment of the Human Resources Department was laid during his tenure. Springer demitted office in 1997 after serving for five years. However, since it had been known for some time that he was not interested in serving another term, the names of possible candidates for the post had been mentioned in the media. Worrell and Williams, the deputy governors, were both said to be under consideration. The other name which surfaced with increasing frequency was that of Winston Cox, by then alternate executive director at the World Bank.