The Tribune

By EARYEL BOWLEG

Tribune Staff Reporter

ebowleg@tribunemedia.net

PRIME Minister Philip “Brave” Davis plans to meet with regulators to find a balanced approach and “neutralise any conflicts” regarding commercial bank fees.

Acting press secretary Keishla Adderley said this meeting is part of ongoing discussions, as the government frequently engages with banks to encourage their participation in the economy and address consumer needs.

During a press briefing at the Office of the Prime Minister yesterday, Ms Adderley said the prime minister has noted “with interest” the ongoing debate about the justification of banking fees.

“Again, nobody wants the banking sector to be unhappy, but the government is also very concerned about making sure consumers are safeguarded. So those discussions will get to the nitty gritty.”

“Of course, the industry is something that’s always changing. Perhaps that’s a discussion that will have to be had and explain what the implications are, and, you know, just sort of justify whether these fees should be put in place and what it will mean for the business.”

“So we you can come to an understanding of what is needed, what is not, what may be too burdensome. Is this taking advantage? All of those angles will be discussed and we will take it from there.”

Foreign Affairs Minister Fred Mitchell previously urged the Central Bank to take a more proactive stance in regulating these fees, citing the successful example of the Central Bank of Barbados.

Gowon Bowe, chairman of the Clearing Banks Association, expressed concern that regulating bank fees and services could push the country towards a “communist state,” describing it as a “very slippery slope.”