Commercial bank fees and charges this year have increased by as much as 400 per cent over 2009, a new Survey of Bank Charges done by the Ministry of Industry and Commerce and the Consumer Affairs Commission (CAC) has found.
REDUCED crime levels and economic stabilisation led to greater optimism among consumers and maintained levels of confidence among business owners during the latest confidence surveys.
Important changes are being made to the Deposit Insurance Act that will mean better protection for depositors’ funds in some financial institutions.
Like all other financial institutions with investments in Government of Jamaica (GOJ) securities, the entity mandated to protect depositors’ funds in the event of bank insolvency — the Jamaica Deposit Insurance Corporation (JDIC) — saw a reduction in earnings on its investments following the Jamaica Debt Exchange (JDX).
In a September 28 speech the Private Sector Organsiation’s Chairmen’s Club, the new director general of the Planning Institue of Jamaica (PIOJ), Dr Gladstone Hutchinson, argued that fiscal consolidation and reducing crime and violence were critical measures to be undertaken by the government to create and environment for growth.