Budget Speech 2011 - Government of Grenada

4. To commence work on the Top Hill Senior Citizen’s Home;
5. To rehabilitate some additional roads;
6. To complete all consultations and preparatory works for full
implementation of local government in 2012;
7. To explore the potential investment for a Carriacou Free Zone and
construction of new port and terminal facilities;
8. Complete all preparatory works for the construction of a
Ministerial Complex.
The total allocation for Carriacou and Petit Martinique is $13.4 million of
which $2.9 million is earmarked for capital expenditure.
5.16 FINANCIAL SECTOR REGULATION
The regulatory framework for the non-bank financial sector was
strengthened in 2010 with the passage of the new Insurance Act in
February and the new Cooperatives Societies Act in December. Together,
these two pieces of legislation significantly enhance the powers of the
Grenada Authority for the Regulation of Financial Institutions (GARFIN)
to effectively supervise the insurance and credit union sectors.
These two Acts are uniform legislation being passed throughout the OECS
and when coupled with the Memorandum of Understanding signed among
OECS regulators in 2010 will further strengthen cross border supervision
and the bonds of cooperation among regional financial sector regulators.
GARFIN continued its efforts at effective supervision in 2010 with its
programme of onsite inspections of credit unions. Already, the first
round of inspections has been completed. On-site inspection of insurance
companies has also commenced.
This year, on-site inspections will be extended to money service businesses
and registered agents.
Page 80
2011 Budget Statement