SINT MAARTEN/CURACAO - The Centrale Bank van Curaçao en Sint Maarten (CBCS) has published its 2025 Annual Report, reflecting on a milestone year marked by a record profit of approximately Cg 66,9 million and the historic introduction of the Caribbean guilder in Curaçao and Sint Maarten on March 31st.

The 2025 profit increased by Cg 20,3 million compared with 2024. The increase is to a large extent the result of the Bank's active investment management strategy. The higher investment income more than offset the decline in net interest income.

Net interest income decreased because of higher interest expenses associated with increased average outstanding Certificates of Deposit and higher interest paid on current accounts.

The higher profit was also supported by lower expenses due to the release of a provision for doubtful accounts following payments received on outstanding debts. Besides this record profit, the successful introduction of the Caribbean guilder was undoubtedly the year's defining milestone.

The introduction of the Caribbean guilder on 31 March 2025 represented the successful completion of one of the largest projects in the CBCS's history. Following years of careful preparation, the transition was completed smoothly through close cooperation between the CBCS, commercial banks, governments, retailers, and other stakeholders.

Payment systems remained fully operational throughout the changeover, allowing the new currency to become part of everyday economic life within a short period. The Bank has also made significant progress in monetary policy, financial supervision, payment system modernization, financial stability, and organizational development.

Throughout 2025, monetary policy remained focused on preserving the stability of the exchange rate peg while maintaining adequate foreign reserves. The CBCS further strengthened its supervisory framework through the enhanced risk-based AML/CFT/CFP supervision, continued alignment with international regulatory standards, and the expansion of its macroprudential toolkit to better identify and mitigate systemic risks.

The Deposit Guarantee Scheme entered into force in Curaçao while preparations continued for its implementation in Sint Maarten, and further steps were taken to modernize the payment system through the migration to ISO 20022 standards and the continued development of instant payment use cases.

Last year also marked the successful completion of the CBCS Strategic Plan 2022–2025. The CBCS launched new interactive statistical dashboards, completed a strategic review of the financial sector, developed a new IT roadmap, and participated in an IMF Central Bank Transparency Code Review.

These achievements laid the foundation for the new Strategic Plan 2026–2028, built around the vision "Driven by innovation, focused on trust." The 2026–2028 strategy will guide the CBCS's efforts to become a fully digital and data-driven central bank.

The 2025 Annual Report is available on our website: https://www.centralbank.cw/publications/annual-report/2025

SINT MAARTEN (COMMENTARY - By Cdr. Bud Slabbaert) - The pursuit of money and power is harmless until it becomes compulsive. It becomes dangerous the moment they stop being tools and start becoming narcotics. Then it behaves like any other addiction: it narrows the mind, corrodes the character, and blinds one to the very people one should care about, love, or need to lead.

Money and power are not addictions in themselves. Rather, the relentless pursuit of them can become addiction-like when it becomes compulsive, increasingly difficult to control, and continues despite damaging one's relationships, health, ethics, or overall well-being.

While neither "money addiction" nor "power addiction" is an official psychiatric diagnosis in the way that alcohol or gambling addiction is, psychologists and neuroscientists recognize that the pursuit of money or power can become compulsive and addiction-like in some people.

Can money or power addiction be treated? If the pursuit becomes compulsive and harmful, it can often be addressed through psychotherapy. No one would like to hear about that treatment suggestion, especially not politicians or business executives.

An easier solution: “Cool It!”

Money itself is not addictive. What can become addictive are the feelings that acquiring money produces: excitement, status, security, control, or superiority. Interestingly, research shows that once basic needs and a comfortable lifestyle are met, additional wealth has shrinking effects on happiness. Yet some people continue chasing more because the psychological reward shifts from comfort to competition.

The common signs are, never feeling that any amount is "enough" and measuring personal worth almost entirely by wealth. Goal posts are moved and there are no limits.

Power addiction is less about serving others and more about preserving one's own influence. The people who are in power may become attached to being obeyed, controlling outcomes, receiving admiration, winning at all costs and feeling indispensable. Rather than building a durable value, they focus on becoming the "next unicorn."

Common signs are increasing need for recognition and fear of losing status or position. Often relationships are mainly viewed in terms of usefulness. Cases become worse when others are manipulated to maintain influence and hostility toward criticism or rivals develops.

Why these “addictions” happen is due to the contribution of psychological mechanisms.

Success, financial gains, promotions, or victories trigger dopamine release. Dopamine helps one feel rewarded, stay motivated, and remain focused — but too much or too little can cause problems. Dopamine is a neurotransmitter, a chemical messenger used by a person’s brain that shapes how one feels and behaves. As with many rewarding experiences, yesterday's achievement no longer feels sufficient. A bigger bonus, a larger company, or a higher position becomes necessary.

Identity fusion is another mechanism. The person begins to equate "I am successful" with "I have money" or "I have power." Fear of loss. Eventually the motivation shifts from gaining more to avoiding losing what one already has.

In business, some executives aim to expand their power and continue pursuing acquisitions, wealth, or influence despite already possessing resources beyond any practical need.

Fortunately, not every highly successful person fits this pattern. Many wealthy entrepreneurs and leaders remain motivated by innovation, philanthropy, or solving problems rather than accumulating wealth or control for its own sake.

If one must be addicted to something, then be addicted to relatives, friends and the people in the community or employees in the business. They’re the only ones who give their best to someone who genuinely cares about them. The leaders who leave the strongest legacies are often remembered not for the size of their fortunes or the extent of their authority, but for how they treated people and enabled others to grow. Fortunes may disappear and power eventually changes hands.

By Cdr. Bud Slabbaert

SINT MAARTEN (GREAT BAY) - In the Themis criminal investigation, the hearing against suspect Shurandy A.Q. will begin, the Court of Justice said in a press statement on Wednesday.

The first pro forma hearing against this suspect will take place on Monday, August 10, 2026, at 08:00 Curaçao time (14:00 Dutch time).

The hearing takes place in the extra secure courtroom in the Penitentiary Institution (PI) in Vught in the Netherlands. At Kas di Korte on Curaçao and the Courthouse on Sint Maarten, the hearing can be followed live via a video link.

No prior registration is required to attend the hearing at these locations.

SINT EUSTATIUS (ORANJESTAD) - The Statia Government recognizes the concern within the community regarding the fuel oil spill at the Global Terminal Investment (GTI) terminal and wishes to reassure residents that the safety of our people and environment remains our highest priority, the Public Entity of Sint Eustatius said in a press statement on Friday, July 31, 2026.

Upon receiving preliminary information about the incident, the Acting Island Governor brought the matter to the attention of the Crisis Manager, who subsequently convened an emergency meeting with the relevant Emergency Support Function (ESF) partners to assess the situation and determine whether any measures were required to protect the public.

Given the specialised industrial, environmental and regulatory nature of an incident at a Type IV facility, the Government sought and relied on the technical findings and regulatory assessment of the competent authorities. This approach ensures that information shared with the community is accurate, verified, and responsible.

According to information provided by GTI and the Human Environment and Transport Inspectorate (ILT), fuel oil leaked from a product pipeline on 21 July 2026 while preparations were being made to transfer the oil to a ship. A technical malfunction, combined with human error, resulted in an estimated 19,000 barrels of fuel oil entering the terminal’s designated containment basins.

The containment basins are designed to collect fuel products in the event of a leak or spill and prevent further spreading. The fuel oil remained within these basins and did not enter the sea or surrounding natural areas.

The liquid fuel oil is being removed using vacuum trucks and temporarily stored in tanks. Contaminated soil is being excavated and placed in containers or drums for later removal.

The ILT is monitoring the clean-up operation and is involved in the investigation into the cause of the incident.

Based on the assessments received, no immediate risk was identified for nearby residents, GTI employees, or the surrounding environment. No toxic vapors were reported to have been released, and no protective action was required from the public.

The Government requested detailed information from GTI, the ILT and the Ministry of Infrastructure and Water Management regarding the scale of the spill, the containment measures, the clean-up operation and any possible effects on public health, air quality, the marine environment and surrounding nature.

The Department of Licensing, Supervision and Enforcement (VTH) assisted with the preparation of the Government’s report on the incident.

Follow-up meetings have since been held daily to review developments and monitor the progress of the clean-up.

A joint meeting involving the Government, GTI, the ILT and the relevant ministries is scheduled for Monday, 3 August, to review the latest developments and determine the next steps.

The Statia Government will continue to follow the situation closely and will inform the community promptly should new information change the current assessment.

The Statia Government thanks the community for its patience and understanding and remains committed to providing accurate and verified information as it becomes available.

Questions and answers

What happened at the GTI terminal?

On 21 July 2026 at approximately 11:15 p.m., a fuel oil spill occurred while GTI was preparing to transfer fuel oil to a ship. According to the preliminary information, a technical malfunction and human error resulted in a valve being open instead of closed.

An estimated 19,000 barrels of fuel oil entered the terminal’s designated containment basins. GTI is conducting an investigation into the incident.

Was this an environmental disaster?

Based on the initial information and assessments received, no. The fuel oil was fully collected within the designated containment basins and did not flow into the sea or surrounding natural areas.

No immediate risk to nearby residents, employees, marine life or surrounding nature was identified. No toxic vapors were reported to have been released.

What action did the Statia Government take?

The Emergency Operations Centre convened a meeting with the relevant Emergency Support Function members to review the incident and determine whether there was a risk to public health, public safety or the environment.

The Government sought verified information from GTI and the ILT regarding the quantity of fuel oil released, the effectiveness of the containment measures, the clean-up operation and any possible impact on public health, air quality, the marine environment and surrounding nature.

The Government relies on the specialized technical expertise and regulatory assessment of the ILT and the Ministry of Infrastructure and Water Management. Since the incident was reported, the Government has maintained daily contact with GTI, the ILT and the relevant partners.

Why did the Government rely on the ILT and the Ministry?

An incident involving a large industrial oil-storage terminal requires specialized technical, environmental and regulatory expertise.

The ILT is the competent supervisory authority responsible for monitoring the terminal’s compliance with its environmental permit and the applicable laws and regulations relating to hazardous substances, safety and the environment.

The Statia Government therefore relies on the ILT and the Ministry of Infrastructure and Water Management for the technical and regulatory assessment of the incident.

How is the oil being cleaned up?

The oil is being removed using vacuum trucks and temporarily stored in tanks. Contaminated soil is being excavated and stored in containers or drums for later removal.

The ILT is monitoring the progress of the clean-up operation and remains in contact with the Government and the Ministry of Infrastructure and Water Management.

How were the authorities informed?

GTI informed the ILT directly after the incident, first by telephone and later through a written incident notification form, as required under the terminal permit.

The ILT subsequently informed the Statia Government. GTI also informed the crisis coordination team of the Ministry of Infrastructure and Water Management as well as local government.

Why was the public not informed immediately?

At the time of the incident, the information provided to the Government by GTI and the Human Environment and Transport Inspectorate (ILT), the designated supervisory authority for the terminal, indicated that the fuel oil remained within the terminal’s designated containment basins and had not reached the sea or surrounding natural areas.

According to the technical information received, the containment procedures operated as intended. No toxic vapours were reported, no immediate fire risk was identified and no increased risk was identified for nearby residents, employees, nature or marine life. No protective action was required from the public.

The Government’s immediate response therefore focused on convening the relevant Emergency Support Function partners, verifying the facts, confirming that the containment measures remained effective and monitoring the situation with GTI, the ILT and the competent authorities.

The decision not to provide an immediate public update was based on the verified risk assessment available at the time and the finding that no action was required from the public. It did not mean that no Government response was taking place.

What is the role of the ILT at the GTI terminal?

GTI is a Category IV industrial facility. For facilities in this category, the Ministry of Infrastructure and Water Management is the competent authority, with the Human Environment and Transport Inspectorate responsible for regulatory supervision and enforcement.

The ILT therefore monitors the clean-up operation, the incident investigation and GTI’s compliance with its environmental permit and the applicable requirements relating to safety, hazardous substances and the environment.

The Statia Government is the competent authority for lower-category facilities, but it is not the permitting or supervisory authority for GTI’s environmental permit. Its role in this incident is to monitor any potential consequences for the community, coordinate the local emergency response, and determine whether any public safety measures should be taken by the public.
(Article 1.3 of the Inrichtingen- en activiteitenbesluit BES (IAB BES)).

Will the ILT visit the terminal?

The ILT has remained in contact with GTI and received an update and preliminary incident analysis on 24 July 2026.

The ILT will also be on Statia from 7 to 11 September 2026 for a previously scheduled inspection together with the Netherlands Labour Inspectorate and the Rotterdam-Rijnmond Safety Region.

The spill, the clean-up operation, the incident investigation, and the measures taken by GTI will be reviewed during that inspection.

What happens if the situation changes?

The Government will continue to follow the clean-up operation and investigation closely. Should new information indicate a change in the risk to residents, public health or the environment, the public will be informed promptly.

ARCHIVED - WEDNESDAY, JULY 29, 2026 - SINT EUSTATIUS (ORANJESTAD) - The Statia Government is aware of the incident that occurred on 21 July 2026 at the Global Terminal Investment (GTI) oil terminal.

Following notification of the incident, the Emergency Response Team, including the Emergency Operations Center, engaged with the oil terminal and assessed the situation.

Based on the information available, the oil spill was contained within the facility and did not impact public health, air quality, the marine environment, or surrounding nature.

At this time, there is no risk to the general public, and no protective actions were required.

At the time of the incident, the spill was confirmed to be contained within the facility, with no identified risk to public health, the environment, or nearby communities

Following increased public concern and the circulation of unverified information, the Government is issuing this statement to provide clear and verified facts.

The Government, together with the Human Environment and Transport Inspectorate (ILT) and the Dutch Ministry of Infrastructure and Water Management (IenW), will continue to monitor the situation in coordination with the relevant authorities to ensure the safety of the community and the environment.

Should there be any change to the current assessment, the public will be informed promptly.

As the incident occurred at a privately operated facility, GTI is responsible for providing further information regarding its operations and the incident itself.

The Government remains committed to providing the public with accurate and verified information.