Regional response needed
Published:Tuesday | February 3, 2009 | 5:55 PM
The Organisation of Eastern Caribbean States is calling for a coordinated regional response regarding the financial difficulties facing Trinidad-based conglomerate, CL Financial.
Last week the Trinidad government and Central Bank announced plans to bail out the company.
The Central Bank of Barbados announced a 10 million dollar cash injection into CL Financial\'s affiliate company in Bridgetown, Clico Mortgage and Finance.
The Chairman of the OECS, who is also Grenada\'s Prime Minister Tillman Thomas, said the situation not only affects operations of CL Financial affiliates but also the sub-region on the whole.
The monetary council of the Eastern Caribbean Central Bank is planning a meeting to discuss the recent developments at the financial institution.
Dominica\'s Prime Minister Roosevelt Skerrit said he has received assurances from his Barbadian counterpart that investments in CLICO will be protected.