Tweet
<span style="font-weight: bold">News Source: OTGNR - </span>
<span style="font-weight: bold"> Confirmed : # Jamaica Bankers Assoc... ( Gleaner )...</span>
The Jamaica Bankers' Association (JBA) has rushed to address what it says are "incomplete and inaccurate" findings by the Fair Trading Commission (FTC) in recent survey results which show that revenues generated from bank fees are "considerably greater" than the cost of providing those services."The FTC report did not take into account the significant operating costs that banks incur in providing services and, instead, only quoted the fee expenses which represent a specific type of direct expenses," read a statement from the JBA yesterday evening."In determining the cost of a service, the full cost, including all direct and indirect costs of said service, must be taken into consideration," the release said.Last week, Karl Samuda, minister of industry, investment and commerce, made the FTC survey findings public, saying there was room for commercial banks to lower fees while still maintaining competitiveness and profitability. Rigid scrutinyA fiery Samuda, in delivering details of the results at the time, said bank operations would be placed under rigid scrutiny going forward.The JBA was not able to provide an immediate response to the survey results last week.But now it argues that the FTC analysis is deficient.At the same time, the JBA also encouraged consumers to reduce their fees by using electronic services, which attract lower fees, as the costs of providing those services are normally less.
<span style="font-weight: bold"> Confirmed : # Jamaica Bankers Assoc... ( Gleaner )...</span>
The Jamaica Bankers' Association (JBA) has rushed to address what it says are "incomplete and inaccurate" findings by the Fair Trading Commission (FTC) in recent survey results which show that revenues generated from bank fees are "considerably greater" than the cost of providing those services."The FTC report did not take into account the significant operating costs that banks incur in providing services and, instead, only quoted the fee expenses which represent a specific type of direct expenses," read a statement from the JBA yesterday evening."In determining the cost of a service, the full cost, including all direct and indirect costs of said service, must be taken into consideration," the release said.Last week, Karl Samuda, minister of industry, investment and commerce, made the FTC survey findings public, saying there was room for commercial banks to lower fees while still maintaining competitiveness and profitability. Rigid scrutinyA fiery Samuda, in delivering details of the results at the time, said bank operations would be placed under rigid scrutiny going forward.The JBA was not able to provide an immediate response to the survey results last week.But now it argues that the FTC analysis is deficient.At the same time, the JBA also encouraged consumers to reduce their fees by using electronic services, which attract lower fees, as the costs of providing those services are normally less.