SINT MAARTEN (PHILIPSBURG) – Following the publication of the CBCS’ Financial Stability Report (FSR) in May 2022, the Centrale Bank van Curaçao en Sint Maarten (CBCS) started the round of follow-up meetings with stakeholders in Sint Maarten.
Meetings were held with the representative organizations of the banks and insurance companies and the Algemeen Pensioenfonds Sint Maarten, as well as the Ministry of Finance, the Ministry of Tourism, Economic affairs, Transport and Telecommunication, and the representatives of the Dutch government.
The main subjects of the talks were the FSR and the intended implementation of a deposit guarantee scheme. The financial sector representatives expressed their appreciation for the insights provided in the FSR.
Sector leaders were also able to confirm most of the findings of the FSR. They provided updates on latest sector developments and gave valuable input for the next edition of the FSR. New and upcoming developments in the financial sector that could affect financial stability were discussed.
Inflation and climate risk are highlighted as risk areas for the financial sector of Sint Maarten: high inflation, which is felt across the financial sector and the community, and hurricane preparedness are at the top of the institutions’ agendas.
In addition to the FSR, the CBCS will shortly send benchmark reports to the institutions, with which the institutions will be able to assess their performance as compared to the sector’s performance and standards, for early warning.
The CBCS will be looking forward to the upcoming round of stakeholder talks in Curaçao.