Central bank breaks silence on Clico row

The Trinidad and Tobago Central Bank has broken its silence on the raging conflict between the Government and depositors in a high-earning investment fund of the troubled insurance company, Clico.



The bank has been in the firing line of depositors unwilling to accept the terms of government's offer to settle US$2 billion worth of claims.



In a statement today, the central bank denied that it had given a guarantee to all depositors that they would receive all their money.



It also said the central bank does not have the authority to make such a settlement.



However, the central bank says it will be seeking legal advice before responding to allegations that there was a failure on the part of the bank to adequately supervise the operations of Clico.