Former No 10 spin doctor Sir Robbie Gibb tipped for BBC chairman role

first_imgLast month Gibb said he was “delighted” that Davie had made a commitment to impartiality his number one priority at the public service broadcaster. The comms expert would be an ally to new director general Tim Davie, but would be expected to take on a reforming role. James Warrington The appointment is expected to be a political one as Clementi’s successor will oversee the corporation at a crucial juncture amid speculation over the future of the licence fee funding model. (Getty Images) Also Read: Former No 10 spin doctor Sir Robbie Gibb tipped for BBC chairman role Former Downing Street spin doctor Sir Robbie Gibb is said to have taken pole position in the race to become the next chairman of the BBC. Show Comments ▼ Other high-profile names linked to the position include former equality watchdog chief Trevor Phillips and current ITV chairman Sir Peter Bazalgette. (Getty Images) Gibb, who served as Theresa May’s communications director and formerly headed up the BBC’s political output, was being lined up for a non-executive position on the broadcaster’s board. Monday 5 October 2020 10:39 am Earlier this month it emerged that Moore, a columnist and former Daily Telegraph editor, was the frontrunner for the role. However, he has since pulled out of the race due to personal reasons. Gibb, whose brother is schools minister Nick Gibb, would be seen as a strong candidate for the role due to his experience both at the BBC and inside No 10.center_img Gibb, who was previously linked to the upcoming launch of US-style TV news channel GB News, declined to comment on his links to the BBC chairman role. whatsapp Share (Getty Images) Also Read: Former No 10 spin doctor Sir Robbie Gibb tipped for BBC chairman role But he is now being encouraged to apply for the top job after veteran journalist Charles Moore withdrew from the race, the Telegraph reported. Former No 10 spin doctor Sir Robbie Gibb tipped for BBC chairman role Tags: BBC whatsapp The BBC has kicked off the search for a new chairman to replace Sir David Clementi, who is set to step down in February. The government is expected to publish a formal job advert in the coming weeks. last_img read more

EU referendum: Owen Paterson calls for Brexit after loss of Rochester and Strood to Ukip

first_img Guy Bentley whatsapp whatsapp Monday 24 November 2014 4:33 am EU referendum: Owen Paterson calls for Brexit after loss of Rochester and Strood to Ukip center_img Ex-cabinet minister Owen Paterson has called for Britain to withdraw from the EU in a speech to business leaders.The Tory backbencher, who proved a controversial environment secretary, told the campaign group Business for Britain, which aims to get the UK a better deal with the EU, that a free trade agreement would be a better arrangement than EU membership. Paterson said the UK can prosper outside the EU and that the Prime Minister should commit the Conservative party to invoking article 50 of the Lisbon treaty to begin Britain’s process of withdrawal.Using article 50 would give EU leaders notice of Britain’s intentions to leave and would set in motion a two-year negotiation process. Paterson highlighted the difficulties being a member of the EU while not being a member of the euro:The eurozone has already embarked upon a path that we can never follow. We are simply recognising that reality. We must either be fully committed to ‘Le Project’ or we must build an entirely new relationship.He argued that a so-called Brexit would see “our government brought back within the control of our own Parliament”. Paterson’s intervention came less than a week after the Rochester and Strood by-election where Ukip took its second Tory seat.Prime Minister David Cameron is also expected to make a speech this week on the subject of immigration. The speech could include the withdrawal of benefits to migrants for up to two years.In order to satisfy eurosceptic demands and head off the rise of Ukip, David Cameron has presented a strategy where he will renegotiate the terms of Britain’s EU membership and then put it to the British people in a referendum in 2017.The British people will then have the choice of opting for the new deal or voting to come out. Over the weekend the PM faced criticism over his handling of Ukip and the EU from Tory grandees such as Lord Tebbit. Share Show Comments ▼ Tags: Brexitlast_img read more

Tories embarrassed as list of backers contains flaws

first_imgMonday 27 April 2015 9:46 pm whatsapp TORIES were left red-faced yesterday after a letter aimed at showing party support from 5,000 small business owners was exposed as a Conservative Party campaign which included dozens of duplicated names and one company that denied signing it.The letter, which warned that a change of government would be “far too risky” for business leaders’ liking, was billed as having been orchestrated by Tory small business ambassador Karren Brady and was printed in The Daily Telegraph. But metadata links to the list of names and companies showed it had been created by Conservative Campaign Headquarters.The list included at least 50 duplicated names, with many repeated three times and one man – Michael Withers – listed as a signatory for four different firms. Conservative councillor Mark Hook was listed twice, under ELJ Furnishings and Gosport Borough Football Club, and signature number 4143 came from Graham Baker, chairman of the Stanley Ward Conservative Club. Some names on the list are, according to company checks, not owners or shareholders.Software company Aurum Solutions asked for its name to be removed as it had not signed it.Managing director Helen Belcher told City A.M. that the company’s sales director Steve O’Hehir was sent a letter from the Conservative Party and clicked on a link within it, but did not enter further details.“We are a politically neutral company and this was in breach of company policy,” she said. “He clicked on a link and read it then got another email saying: ‘Thanks for your support.’”Yesterday the Conservative Party played down the fact that the list came from party canvassing, saying: “Everyone whose name was published actively signed up to the letter on the Conservative Party’s website.”Treasury minister David Gauke, who was challenged on the BBC’s Daily Politics show over whether the names had been checked, said: “Well I haven’t personally checked them.” whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunInvestment GuruRemember Cote De Pablo? Take A Deep Breath Before You See Her NowInvestment GuruForbesThese 10 Colleges Have Produced The Most Billionaire AlumniForbesComedyAbandoned Submarines Floating Around the WorldComedyEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent Express Share Express KCS Tories embarrassed as list of backers contains flaws Show Comments ▼ Tags: NULLlast_img read more

Royal London fits the bill to protect birds

first_img Share Insurance firm Royal London Group has been appointed Pelican partner by the Royal Parks Foundation, to look after the birds living in St James’s Park. The partnership, which runs from now until March 2018, was designed to conserve the presence of pelicans in the capital. Royal London will support the birds’ feeding costs and veterinary care, and will preserve their habitat. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofBest Wine Gifts & Wine Accessories at Every PriceGayotHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofWhat is ‘Ranked-Choice Voting,’ the New System for New York’s MayoralFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily Proof Express KCS whatsapp Thursday 11 June 2015 9:14 pmcenter_img whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunInvestment GuruRemember Cote De Pablo? Take A Deep Breath Before You See Her NowInvestment Guruzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveLivestlyThe Best Redhead Actresses, RankedLivestlyTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmNovelodgePierce Brosnan’s Wife Lost 120 Pounds – This Is Her NowNovelodge Tags: NULL Royal London fits the bill to protect birds last_img read more

New Sun Life fund targets growth during volatility

first_img BMO to launch six new mutual funds Related news Share this article and your comments with peers on social media IE Staff Toronto-based Sun Life Global Investments (Canada) Inc. (SLGI) is partnering with London, U.K.-based Aviva Investors to launch Sun Life Multi-Strategy Target Return Fund, which aims to provide growth during periods of market instability. The new fund seeks to provide investors with an average annual gross return of five percentage points above the Bank of Canada’s overnight lending rate during a rolling three-year period. “[Investments] that are designed to deliver absolute returns are top of mind for our clients as they look to participate in a variety of market environments,” says Rick Headrick, president of SLGI, in a statement. “The multi-strategy approach aims to provide investors with a more stable investment experience and lower overall fund risk by managing the volatility that each strategy contributes to the portfolio.” Sun Life Multi-Strategy Target Return Fund invests in a broad range of strategies, adopting a dynamic investment approach through which it seeks to take advantage of both rising and falling markets. Portfolio managers have the ability to adjust the fund to adapt to the market environment, ensuring that it achieves long-term capital growth through a variety of market conditions. “In the past few years, we have refocused our business away from benchmark investing and toward delivering outcomes that really matter to investors, such as growth and income,” says Euan Munro, CEO of Aviva Investors in a statement. “Globally, we have seen huge interest for our multi-strategy fund platform and we look forward to bringing these solutions to Canadian investors in collaboration with Sun Life Global Investments.” Sun Life Multi-Strategy Target Return Fund will be available through financial advisors qualified to sell commodities pools starting June 6 and to pension plan sponsors as of June 15. Photo copyright: Bloombergcenter_img Keywords Fund launchesCompanies Sun Life Global Investments (Canada) Inc. Wealthsimple launches Sharia-compliant ETF Fidelity Investments unveils new climate-focused fund suite Facebook LinkedIn Twitterlast_img read more

IAP frustrated with slow pace on improving investor protection

first_img NASAA approves model act for establishing restitution funds business man riding a tortoise pointing with finger bswei/123RF Related news Regulators remain stalled on critical investor protection issues, such as adopting a “best interest” standard and eliminating embedded commissions, the Ontario Securities Commission’s Investor Advisory Panel (OSC IAP) states in its 2017 Annual Report published on Wednesday.Last year, the IAP anticipated “transformational improvements in investor protection,” thanks to the expected implementation of a “best interest” standard and regulatory action to eliminate embedded fees, the report states. However, these efforts have faced “headwinds,” and the IAP finds itself in much the same place as it was a year ago. “At this time, we are left with many of the same questions for investor protection around best interest, embedded fees, and the future of the evolving Canadian regulatory governance structure. This year, the panel again calls for the satisfactory and timely resolution of these issues,” the report states.“The panel understands that OSC staff is working toward proposals for implementation of these priorities, says Letty Dewar, IAP chairwoman, in a statement. “But members are also becoming frustrated with the slow pace.”The IAP stresses that it will continue to call on regulators to adopt a best interest standard as soon as possible.“We will focus on how best interest is defined and how it is likely to be interpreted by the courts, given that many advisors are apprehensive about potential legal liability,” the report states.The IAP is also calling for the elimination of embedded commissions as soon as possible.Also readReport outlines FAIR Canada’s achievementsOther policy issues on the panel’s agenda for the year ahead include: proficiency and title reform; improving investor access to redress; and incorporating investor-friendly governance features into the planned co-operative capital markets regulator (CCMR).Additionally, the IAP plans to work on developing a national voice for investors to help counterbalance the industry’s influence with policy-makers “by fostering national, broadly representative, and well funded investor advocacy in Canada that would be in a position to participate in an effective and sustainable manner with government, regulators (including the new CCMR and the SROs) and industry in the development and articulation of future regulatory policy.” Keywords Best interest standard,  Investor protectionCompanies Ontario Securities Commission Retail trading surge on regulators’ radar, Vingoe says James Langton Share this article and your comments with peers on social media OSC finalizes DSC ban Facebook LinkedIn Twitterlast_img read more

Public Service Commissioner reappointed

first_imgPublic Service Commissioner reappointed Minister for the Public Service Chris Hipkins announced today that Public Service Commissioner Peter Hughes CNZM has been reappointed for three years.The Public Service Commissioner is appointed by the Governor-General on the recommendation of the Prime Minister.“Mr Hughes’ reappointment reflects the need for strong leadership and continuity to implement the Government’s priorities, including the ongoing response to and recovery from the COVID-19 pandemic,” Chris Hipkins said.“He has worked with Ministers and Public Service secretaries to drive reforms aimed at delivering better outcomes and services for New Zealanders, and brought a strong focus on diversity and inclusion in leadership positions.”The role of the Commissioner is central to New Zealand’s politically neutral and unified Public Service. As a statutory officer, the Commissioner acts independently on a range of matters to do with the leadership and operation of the Public Service and the wider public sector, including the appointment of Public Service secretaries and chief executives. The Commissioner is also Chief Executive of Te Kawa Mataaho Public Service Commission, the agency that supports the Commissioner.Mr Hughes has served as Public Service Commissioner since 4 July 2016. His current term as Commissioner ends on 3 July 2021, by which time he will have completed five years in office. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Commission, Commissioner, coronavirus, covid-19, Government, Minister, New Zealand, operation, outcomes, pandemic, Prime Minister, Public Servicelast_img read more

Olympic rowing & canoeing stars set to race in Adelaide

first_imgOlympic rowing & canoeing stars set to race in Adelaide Adelaide will play host to Australia’s Olympic and Paralympic rowing and canoeing stars next month as part of a series of events showcasing these outdoor water sports.Two rowing events and one canoe sprint event will be held in May and June, including two national championships and the Rowing Australia World Cup replica event – the last competition before the rowers head to the Tokyo Olympic Games.The three events will bring more than 1,700 athletes, families, spectators and officials to South Australia over the next month.The events are the 2021 Paddle Australia Canoe Sprint Championships, the 2021 Australian Masters Rowing Championships and the Rowing Australia World Rowing Cup 3 Simulation Regatta.Minister for Recreation, Sport and Racing, Corey Wingard, said the events would give promising young South Australian athletes an opportunity to shine on a national stage.“The final teams are due to be announced in June (Olympic) and July (Paralympic) – with a number of South Australians in the mix including rowing Olympians Alexander Hill, Molly Goodman and Olympia Aldersey,” Minister Wingard said.“We’re going to see the best talent, right here at West Lakes, just a month before they head to Tokyo for the Olympics – they are going to recreate their usual European lead-up events here in Adelaide, fighting hard to secure a spot on the national team.“The regatta will see our Australian crews race each other, and will be a chance for our underage teams, who aren’t travelling overseas this year, to compete against the Olympic and Paralympic hopefuls that are heading for Tokyo.”The Australian Canoe Sprint Championships, from 19-23 May, and the Australian Masters Rowing Championships, from 27-30 May, will bring additional athletes and supporters to South Australia.“This is the first time since 2014 that South Australia has hosted the Masters rowing event. Masters rowers can be aged all the way up to and past 90 years of age, and they are known to travel to events, and then stay on afterwards to explore the region. We’ve seen that before with other Masters games – lots of people enjoying our pubs, restaurants and wine regions,” Minister Wingard said.Minister Wingard said the Marshall Government, through the South Australian Tourism Commission, had been working with both rowing and canoe national organisations to ensure the important pre-Olympic tournaments could be held – highlighting South Australia’s reputation for producing world-class sporting venues and hosting events.Rowing Australia CEO Ian Robson said he was extremely grateful to Adelaide and the SA Government for hosting the events.“The adverse weather has impacted water quality at the Olympic legacy venue of the Sydney International Regatta Centre, the original host for these events, and we’re delighted that West Lakes has been able to accommodate both the Australian Masters Rowing Championships (AMRC) as well as our World Rowing Cup 3 simulation regatta which features our Senior A, Para, Under 23, Under 21 and Under 19 Australian Rowing Teams,” Mr Robson said.“The AMRC will bring Masters rowers from across the country to experience South Australia’s premier rowing venue, while June’s simulation regatta will be the last time Australians will be able to see our Olympic and Paralympic hopefuls compete on home soil before they depart into their various camps ahead of final selection for the Tokyo Games.“We look forward to seeing many spectators on the banks of West Lakes watching the present and the future of Australian rowing in action.”Paddle Australia CEO Phil Jones said the South Australian canoeing community was excited to welcome the sport’s Olympic and Paralympic hopefuls, and encouraged fans to come to West Lakes to see “some of the best paddlers in action” next week.“We are grateful to Adelaide for being able to host the 2021 Paddle Australia Canoe Sprint Championships at short notice,” he said.“Paddle Australia is thankful for the assistance of Paddle South Australia and affiliated clubs in moving the event to South Australia.“The Canoe Sprint Championships will be the last hit out, on home water, for our Olympic and Paralympic athletes before they head to Tokyo for the Games. We have more than 890 races set to be held across five action packed days.” /Public News. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Adelaide, AusPol, Australia, Australian, Commission, Europe, european, Government, Olympics, SA, SA Government, simulation, South Australia, Sydney, Tokyo, water quality, world cuplast_img read more

Changing Climate Brings New Approaches to Winemaking

first_imgHome Industry News Releases Changing Climate Brings New Approaches to WinemakingIndustry News ReleasesWine BusinessChanging Climate Brings New Approaches to WinemakingBy Press Release – April 20, 2015 21 0 Twitter AdvertisementWarmer Temps Lead to Bigger Wines, Better Reds, More Attention to TerroirNEW YORK – April 20, 2015 – As the leading international wine and spirits trade show, Vinexpo, ramps up for its 2015 Bordeaux exhibition from June 14-18, Chairman Xavier de Eizaguirre is taking an Earth Month pause to share insights on the effects of climate change on winemaking. The 40-year wine industry veteran notes that while the warming trend will undeniably, over the long-term, require growers to embrace new approaches (a reality drought-affected California producers are already facing), short-term effects on the global industry have for the most part been more subtle and, in certain cases, a boon.More Good VintagesAs winemaking regions grow warmer the first consequence, particularly for reds, is improved maturation of grapes leading to better vintages more often than in the past. “This is especially important in regions of France where vintage is very relevant, “de Eizaguirre explains. “The quality, the maturation, the ripening of the grapes improves with a warmer climate and therefore we’ve had more good vintages in the past 10 years than we used to see 20 to 50 years ago.”More “Buzz”-worthy: Higher Alcohol WinesWarmer temperatures also produce bolder tasting wines with a higher alcohol content, he adds, which would be neither a positive nor a negative but a matter of personal preference.  “Wines grown in southern Europe and North Africa were once called ‘sun wines’ for this reason. Now certain wine regions like Languedoc, Bordeaux, and Tuscany are producing higher alcohol wines.”Growing Emphasis on TerroirDe Eizaguirre suggests that climate change might lead more wine producers to embrace a terroir approach to their craft. “Over the 2,000 years we’ve been producing wines in France, we’ve learned that a specific grape grows best in a specific area. You cannot have terroir on a very large scale. So in wine regions where there is mass production, growers might have to adjust and learn to specialize.” He cites New Zealand’s emerging wine region as one that has used terroir to its benefit, producing very high quality wines in the limited areas of the country suitable for grape growing. Creating a More Sustainable California Wine IndustryIn California, where irrigation is essential to creating conditions that support viticulture, the ongoing historic drought has brought the issue of sustainability to the fore. Two California wine industry organizations that will have a presence at Vinexpo 2015 are among those driving change in the state’s wine growing practices, from smarter irrigation systems that conserve dwindling water supplies to better air and water quality control, improved energy efficiency, soil management, and integrated pest management. Wine Institute’s California Sustainable Winegrowing Program  offers educational workshops and a third-party certification program fostering sustainable practices in winemaking and currently lists 1,900 participating vineyards and wineries. Similarly, Napa Valley Vintners’ Napa Green is a voluntary environmental certification program tailored to wine-making practices in the Napa River watershed. Napa Valley Vintners is calling for 100 percent of its 500+ member vineyards and wineries to be Napa Green certified by the end of 2020.About VinexpoFounded in 1981, Vinexpo has evolved into the world’s leading show for wine and spirits professionals and a partner for the wine and spirits industry worldwide. Vinexpo is held in Bordeaux in odd-numbered years; since 2006, Vinexpo Asia-Pacific has taken place in Hong Kong in even-numbered years and has become the key exhibition of the industry in Asia. Before each exhibition, Vinexpo commissions studies on industry-specific issues and presents the findings in conferences around the world. Since 1999, it has produced a world market study with a five-year outlook, as well as a variety of trend reports.  For more information, visit www.vinexpo.com.Advertisement Share TAGSfeaturedNapa GreenSustainabilityVinexpo Previous articleBrewers in BeervanaNext article2015 Cal China Wine Forum Chinese delegation will attend inaugural wine forum in Sacramento Press Release Linkedin Facebook Pinterest Email ReddItlast_img read more

Banker says local banks were not inefficient in 1990s

first_imgRelatedBanker says local banks were not inefficient in 1990s RelatedBanker says local banks were not inefficient in 1990s Advertisements FacebookTwitterWhatsAppEmail KINGSTON – Former Bankers Association of Jamaica (BAJ) president, Elon Beckford, has denied that inefficiency caused indigenous financial institutions to fail in the 1990s, while the foreign-owned institutions survived the high interest rate regime. Using his management team at the Horizon Financial Services group then as an example, Mr. Beckford told the FINSAC enquiry Thursday morning March 24, “I challenge any other financial institution to find a more competent and effective group of managers.” He said that the problem is that “it is the outcome which is sometimes used to judge” the capability of the Jamaican institutions. He said that this was bolstered by the view that, the banks which were not taken over by FINSAC were better managed. “The notion that indigenous institutions were poorly managed…that is clearly not a fair conclusion to arrive at,” Mr. Beckford told the Commission of Enquiry at the Jamaica Pegasus Hotel, New Kingston. The Commission, comprising accountant Worren Bogle, chairman, investment manager Charles Ross and retired judge Justice Henderson Downer, is reviewing the 1990s financial meltdown, which destroyed a number of financial institutions and businesses, as well as thousands of borrowers. Thousands of victims of the meltdown still owe hundreds of millions to the Jamaican Redevelopment Foundation (JRF) Inc., a Texan firm, which bought the bad debts in 2002 from the Government-owned Financial Sector Adjustment Company (FINSAC), which was formed to administer those debts. Mr. Beckford headed the BAJ 1988-1991, and chaired the Horizon group, which also ended up as a victim of the meltdown and a charge of FINSAC, in the 1990s. He told the Commission that while the foreign owned banks rejected investing in major projects in the real sector, on the basis that their bosses overseas were not interested, indigenous banks were part of the real market in Jamaica and had to invest in the real sector to promote growth and development. “This was one of the key differences which impacted on our overall operations. We were not privileged to use that as a readily acceptable answer,” Mr. Beckford said. He said that one of the major “Game Changers” introduced by the BOJ was the New Capital Adequacy Standards, during the period of high interest rates, which required varying levels of capital support in respect of non-performing loans, regardless of the quality of collateral securing the loan. “This immediately created some new challenges for all the indigenous institutions, especially the newer ones, supervised by the BOJ. The timing was unfortunate and one could conclude that all the implications were not carefully analysed,” Mr. Beckford stated. The enquiry will resume at the Jamaica Pegasus Hotel, New Kingston on Tuesday, March 29. The following day, Wednesday March 30, one of the most prominent bankers of the period who lost his Eagle group to FINSAC during the 1990s, Dr. Paul Chen Young, is expected to give testimony via closed circuit television. Banker says local banks were not inefficient in 1990s Finance & Public ServiceMarch 25, 2011 By BALFORD HENRY, JIS Reporter & Editor RelatedBanker says local banks were not inefficient in 1990slast_img read more