BOJ Governor Richard Byles
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BOJ Governor Richard Byles
The Bank of Jamaica says the Special Resolution Regime is now before Parliament.
A proposal for this legislation has been made public by the central bank since at least 2017.
BOJ Governor Richard Byles says the law, once passed, will help to safeguard the local banking industry.
"It's a piece of legislation that is going to require every bank to have sufficient capital in a particular manner, such that if they run into difficulties, they can resolve those difficulties themselves without calling on the government to put up money."
"So, this is an important and delicate piece of legislation, and I know that the banks are going to be talking to us a lot about it because it touches them very, very deeply. But we are open to hearing that conversation, give and take, and arriving at a way to manage it into practicality," said Mr. Byles.
He was addressing day one of a conference organised by the Insurance Association of Jamaica on Wednesday.
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