Central Bank Takes Decision To Hand Over Clico

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Central Bank Takes Decision To Hand Over Clico

The Central Bank has taken a decision to hand over the company back to Clico.

Central Bank Governor, Dr Alvin Hilaire,  made the announcement at a news briefing Tuesday.

The Bank gained emergency control over Clico following the collapse of Clico and British American Insurance Company in the eastern Caribbean.

Dr Hilaire said the move was arrived at due to several factors which indicated it was time for the Bank to take this step.

In spite of the latest development Dr Hilaire said the Central Bank will still monitor the operations of Clico as a regulator.

Clico executive chairman Claire Gomez-Miller said the company has to repay its debt and interest incurred and expressed thanks for the bail out by the government.

Mrs Gomez Miller said the company will also honour its claims.