Trinidad and Tobago approves legislative changes for CL bailout

The Trinidadian parliament has approved legislative changes supporting a major government bail out package for the embattled CL Financial Limited.



However, opposition legislators refused to support the amendments to the Insurance Act and the Central Bank Act to facilitate the bail out.



The opposition is insisting that other options were available to the Patrick Manning administration to deal with the burdens of CL Financial.



Opposition MPs had promised support of the new legislation if the Government met their demand to provide similar help to the financially troubled Hindu Credit Union.



Last weekend, the Government announced that it had entered into a Memorandum of Understanding (MOU) with the CL Financial group that would result in the company losing its license to operate a bank in Trinidad.