2007 - Central Bank of Trinidad and Tobago

More documents

Recommendations

Info

CENTRAL BANK OF TRINIDAD & TOBAGOANNUAL ECONOMIC SURVEY 2007The Foreign Affairs Minister the Honourable ArnoldPiggott disclosed in Parliament on this date thatTrinidad and Tobago will be donating $20 milliontoward relief efforts in Jamaica, after the devastationof Hurricane Dean. TT$10 million will come from theCARICOM Petroleum Fund and $10 million from theTrinidad and Tobago Contingency Fund.24 The Senate approved a Government of Trinidad andTobago motion to increase the authorized capitalof the Central Bank of Trinidad and Tobago from$100 million to $800 million. The increase came intoimmediate effect. The last increase in authorizedcapital was 1994 when it was raised to $100 millionafter remaining at $30 million since 1985.The Central Bank of Trinidad and Tobago maintainedthe “Repo” rate at 8.0 per cent.29 Citibank (Trinidad and Tobago) Ltd announced thatit had won Euromoney’s “Award of Excellence”2007, in the category of Best Debt Bank in Trinidadand Tobago. Citibank also made the list of Best inClass. Euromoney’s “Awards for Excellence” serve asa benchmark for high quality products and servicesacross all areas of commercial and investmentbanking.Fitch Ratings, an international credit ratings agencyassigned an international credit rating BB to DFLCaribbean Holdings Limited. DFL CaribbeanGroup provides corporate finance, risk capital,microfinance and management advisory servicesto regional private enterprises through its subsidiaries.Development Finance Ltd (DFL), a subsidiary ofDFL Caribbean Holdings Limited was also given aninternational finance credit rating of BB by FitchRatings.SEPTEMBER7 An act to amend the Insurance Act, Chap. 84.01was assented to on this date. The Act may be citedas the Insurance (Amendment) Act, 2007. (Act No.22 of 2007).An act to provide for the Service of Trinidad andTobago for the financial year ending on the 30thday of September, 2008 was assented to on thisdate. The Act may be cited as the AppropriationAct, 2008. (Act No. 23 of 2007).18 First Citizens Bank in collaboration with the Ministryof Local Government launched a banking systemfor the Unemployment Relief Programme (URP).First Citizens Bank was the sole tenderer and wonthe $4 million contract to provide the system. Thesystem provides URP employees with debit cardsthat can be used at automated banking machines(ATM), or to purchase items using the Linx system.The cards will be issued on a phased basis and willbe activated on October 1.21 The Central Bank of Trinidad and Tobagoannounced that it had decided to maintain the‘repo’ rate at 8.0 per cent.28 An act to revise the law relating to bankruptcyand make provision for corporate and individualinsolvency; to provide for the rehabilitation ofthe insolvent debtor and to create the office ofSupervisor of Insolvency was assented to on thisdate. The Act may be cited as the Bankruptcy andInsolvency Act, 2007. (Act No. 26 of 2007).An act to provide for the variation of certain dutiesand taxes and to introduce other provisions of afiscal nature and for other related matters was130
assented to on this date. The Act may be cited asthe Finance (No. 2) Act, 2007. (Act No. 30 of 2007).The Central Bank of Trinidad and Tobago inaccordance with section 44G of the Central BankAct Chapter 79:02, returned all power of controlto First Citizens Bank on this date. The CentralBank was granted control over First Citizens Bankin 1993, when it was formed from the merger ofNational Commercial Bank, Workers Bank andTrinidad Cooperative Bank.Trinidad and Tobago Electricity Commission(T&TEC) signed a contract with Itron, a UScompany, for the supply and installation ofan Advanced Metering Infrastructure forresidential and commercial customers. Itron is aleading provider of solid state meters and datacollection/communication systems. This newsystem will allow T&TEC to read customers metersaccurately and remotely. The system will alsoallow T&TEC to monitor electricity consumptionpatterns and detect meter tamper events. Theinfrastructure behind the system will include anoutage management system, providing T&TECwith immediate notification of any interruption inthe electricity supply.OCTOBER1 Caribbean Airlines assumed operational controlover Tobago Express and the Tobago air bridgeon this date. Caribbean Airlines assumed controlby purchasing all outstanding shares in TobagoExpress. As part of this absorption, Tobago Expressemployees received severance packages andwere offered new and enhanced three monthtransition contracts.Bank of Baroda (BOB) opened its first branch inTrinidad and Tobago on this date. BOB offersstandard banking services such as personalbanking, global trade financing, SME financing,wholesale banking and NRI services.2 Royal Bank of Canada (RBC) announced anagreement to purchase RBTT Financial Group onthis date. This deal will combine RBC’s Caribbeanretail group with RBTT’s, to form an extensiveCaribbean banking network, spanning 18countries and territories. The merger is expectedto be completed in mid-2008 and to cost RBCapproximately US$2.2 billion or TT$13.8 billion. It isdependent upon regulatory and RBTT shareholderapproval. RBTT shareholders will receive TT$40 pershare payable 60 per cent in cash and 40 percent in RBC common shares. The number of RBCcommon shares received by RBTT shareholders issubject to a plus/minus 10% “collar”, based on anRBC share price of US$54.42. The TT$40 per sharewas based on valuations by investment housesCredit Suisse and Merrill Lynch.3 The Institute of Banking and Finance of Trinidad andTobago (IBAF) launched its enhanced Diploma inBanking Programme. The enhanced programmeexposes students to new and updated conceptswithin Banking. It requires students to take fourteeninstead of seventeen modules, thus reducing thetime needed to complete the Diploma. The diplomais geared towards persons who are employed inthe Banking profession, as well as students whohave completed C.X.C. examinations and wish topursue professional qualifications.131
Page 1 and 2:
2007 ANNUAL ECONOMIC SURVEY
Page 3 and 4:
ANNUAL ECONOMIC SURVEY 2007Review o
Page 5 and 6:
TABLE OF CONTENTS CONTINUEDCHARTSCh
Page 7 and 8:
SELECTED ECONOMIC INDICATORSCHART 1
Page 9 and 10:
OVERVIEWOF ECONOMICDEVELOPMENTSin 2
Page 11 and 12:
Unemployment rate plummets…The ra
Page 13 and 14:
(b)Short-term Outlookand Prospects
Page 15:
TABLE 2ECONOMIC CONTRIBUTION OF THE
Page 18 and 19:
CENTRAL BANK OF TRINIDAD & TOBAGOAN
Page 20 and 21:
Page 22 and 23:
Page 24 and 25:
Page 26 and 27:
Page 28 and 29:
Page 30 and 31:
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
CENTRAL BANK OF TRINIDAD & TOBAGOMO
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
CENTRAL BANK OF TRINIDAD & TOBAGOIN
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
LIST OF TABLES a.1 - a.44A.1 Gross
Page 82 and 83:
Page 84 and 85:
Page 86 and 87: CENTRAL BANK OF TRINIDAD & TOBAGOAN
Page 141 and 142: NOTES
Page 144: 2007 ANNUAL ECONOMIC SURVEY
show all

2007 - Central Bank of Trinidad and Tobago

Create successful ePaper yourself

Delete template?

Save as template?