Premier Speaks on Effects the Loss of Correspondent Banking has had on Montserrat
Premier, the Honourable Joseph Farrell says the loss of correspondent banking in the Caribbean has had a devastating effect on Montserrat.
He made the comment while addressing bank executives at a meeting in Washington called to discuss challenges in correspondent banking for the Caribbean community and opportunities to engage with North American banks.
Premier Farrell states that as with small developing economies around the world, Montserrat is not immune to the crippling effects brought about by the de-risking policies of the larger US banks.
He told the banks that that Montserrat is playing the rules and has done everything it can to protect local and international financial institutions.
The adverse impact of de-risking is significant and it impacts Montserrat on several fronts, primarily international trade, financial stability and growth
Premier, the Honourable Joseph Farrell.