BOJ governor resigns

**evanovitch** · 10-31-2009, 03:15 AM

Re: BOJ governor resigns

BOJ boss quits

Sunday, November 01, 2009

DERICK Latibeaudiere yesterday resigned as governor of the central bank with immediate effect in what was said to be a mutual agreement between him and Finance Minister Audley Shaw.

However, highly placed sources in the Government said the resignation was an inevitable outcome, given the administration's frustration with the governor's position on a number of critical policy issues.

Latibeaudiere's departure from the Bank of Jamaica, after more than a decade at the helm, was announced in a three-paragraph news release in which the finance ministry also said that Brian Wynter, the former executive director of the Financial Services Commission and a former deputy governor of the BOJ, will replace Latibeaudiere on December 1.

The ministry also said that in the interim, Audrey Anderson, senior Deputy Governor of the BOJ, will be in charge of the bank until November 30.
Attempts to reach Latibeaudiere for a comment last night were unsuccessful. However, yesterday evening he told Nationwide Radio boss Cliff Hughes that he was not pushed out of the job.

"We came to a mutual agreement. Just leave it at that nuh," Latibeaudiere said in an interview in which he also told Hughes that he had long waited for the day when he could tell the veteran journalist that he would not answer his questions.

Last night, a senior Government official who said he heard the Nationwide interview, pointed to the former governor's tone and charged that during his tenure Latibeaudiere had displayed a level of arrogance with the financial sector and impatience with views that were opposed to his on major policy issues.

"His style has been the source of irritation to the banking sector," said the official, who spoke on condition of anonymity. "It got so bad that the finance minister and the Government had to act as go-between in order to smooth out the problems."
Asked how Latibeaudiere's sudden resignation would affect the Government's negotiations with the International Monetary Fund (IMF), whose representatives are now in the island hammering out the terms of a loan agreement with the administration, the source said it wouldn't have a negative effect.

"It may actually benefit the negotiations because he has been the sticking point," said the source, pointing to Latibeaudiere's disagreement with the growing view among financial analysts in favour of debt restructuring, as well as his opposition to calls from the private sector to significantly lower interest rates.

"He's still in the mode that got us to where we are today," said the source.
Yesterday, the finance ministry also announced that Dr Wesley Hughes, the financial secretary, will take charge of the talks with the IMF.

Although Latibeaudiere, in his interview with Nationwide, said he had no problem with Shaw or any member of the BOJ board, the Observer was last night reliably informed that some members of the board disagreed with Latibeaudiere on a number of issues.

Some board members, for instance, felt that the bank had a much wider role to play than controlling inflation, one authoritative source said.

Financial sector sources last night also speculated that the resignation on Wednesday of Dr Geffrey Pyne from the BOJ board contributed to Latibeaudiere's sudden departure.

Contacted for comment, Dr Pyne offered only that: "What I had was a fundamental difference on a major policy issue with the governor and some members of the board."

Dr Pyne, who served on the board for seven years, was chair of the Budget Committee at the time of his resignation.

DERICK Latibeaudiere took office as governor of the Bank of Jamaica (BOJ) on April 1, 1996 and was the first member of the bank's staff to have been appointed to this position.

A career central banker, Latibeaudiere joined the staff of the Bank of Jamaica in 1975. Between 1979 and 1983, he was seconded to the Caribbean Development Bank (CDB) in Barbados as a country economist where he developed a sound knowledge of the economies of the English-speaking Caribbean countries.

He returned to the Bank of Jamaica in 1983 and worked in various positions until 1988 when he was appointed deputy governor. He became senior deputy governor in 1995, and in 1996 was appointed governor and supervisor of banks. In 2000, he was appointed chairman of the newly established Financial Regulatory Council, the body responsible for co-ordinating the regulation of the overall financial system.

In 1997 Latibeaudiere was awarded the Carlton Alexander Award for Excellence by his alma mater, Jamaica College, and on August 6, 2002 he received the country's fourth highest national award, the Order of Jamaica, for his services to central banking and finance.

(Source: Bank of Jamaica website)

**Dr.Dudd** · 10-31-2009, 03:27 PM

Re: BOJ governor resigns 'Not a good sign' - Analysts say

'Not a good sign' - Analysts say resignation of Latibeaudiere will cause problems
Published: Saturday | October 31, 2009

From left, Shirley and Hyman
Gary Spaulding, Senior Gleaner Writer

The resignation of Derick Latibeaudiere as head of the Bank of Jamaica has done little to slow predictions that the challenges to the sector were set to mount.

In an immediate response, former Finance Minister Dr Omar Davies characterised the latest development as unsettling.

"The sudden demitting of the office by the governor of the central bank is unsettling in the best of times. It's most unsettling in difficult times," Dr Davies told The Gleaner late last evening.

Latibeaudiere's replacement by Brian Wynter has also brought questions.

Financial analyst Ann Shirley believes that Wynter is the compromise to satisfy the International Monetary Fund (IMF) and Government in the delicately poised negotiations.

However, Shirley warned that despite Wynter's experience, the learning curve as the new central bank governor would be challenging at this critical juncture.

Scoffing at explanation

With tensions reportedly mounting between Latibeaudiere and the Bruce Golding administration, over a protracted period, financial analysts and players in the sector are scoffing at the explanation proffered by the finance ministry late yesterday.

For many, the latest development has not come as a surprise, following the months of apparent tension between Latibeaudiere and the political directorate.

Financial observers say the tensions increased in intensity when the Government found it hard going fleshing out a suitable arrangement to take to the negotiations with the IMF.

Financial analyst Ralston Hyman suggested that the latest round in the ongoing dispute between Latibeaudiere and the finance ministry was precipitated by the inability of the Government to present a credible set of fiscal targets to the IMF team, currently in the island and expected to leave on November 6.

"The villain is not the central bank but the Ministry of Finance, as they have not presented those targets," Hyman declared.

For Shirley, it was a matter of time before the tensions would have culminated in a parting of ways.

"He is a person who likes to go by the rules ... A good example is the bringing down of interest rates according to market and other conditions ... . This has created tension as the Government thinks that he is not as flexible as they would like him to be ... tension over the past two years, and it has been building."

No deterioration

But for the past two years, the Government adamantly denied that the relationship between Latibeaudiere and the finance minister had been deteriorating, even when four other deputy financial secretaries were displaced.

When the news surfaced yesterday that the central bank governor had finally decided to call it quits, Davies, with whom Latibeaudiere worked for years, was the first to pay tribute to the outgoing governor. However, Dr Davies declined to comment on whether he had anticipated Latibeaudiere's departure.

"I wish to express gratitude to him for his over three decades of service to the central bank and for his extended period as governor. I wish him all the best in his endeavours, come whatever they may be," Davies said.

Opposition support

He added: "I welcome Mr Brian Wynter to the position and pledge the Opposition's support and cooperation,"

But Hyman was more forthright in his pronouncement.

"The bottom line is that it (Latibeaudiere's resignation) is going to lead to a huge loss of confidence and possibly a run on the dollar," he warned.

Hyman said Latibeaudiere was the most experienced technocrat in Jamaica in relation to the IMF and the multilateral agencies.

Hyman accused the Government of playing politics with the issue.

"They fired Colin Bullock (former financial secretary) and they have been itching to fire Latibeaudiere for a long time," he declared.

Efforts to contact Finance Minister Audley Shaw up to late last night proved futile.

[email protected]

**Dyoll_73** · 10-31-2009, 04:16 PM

Re: BOJ governor resigns 'Not a good sign' - Analysts say

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">"The bottom line is that it (Latibeaudiere's resignation) is going to lead to a huge loss of confidence and possibly a run on the dollar," (Omar Davis) warned.</div></div>

Let's await the result of Davis' prediction. It doesn't strike me as a very responsible statement to make.

What's surprising to me is that the Governor lasted this long.

From what I recall, Audrey Anderson is an accountant, not an economist. Brian Wynter, who was there in the mid-90's, is both an economist and lawyer. I was expecting Wesley Hughes; I had gotten the sense that he was being groomed for that position - and then he was 'relocated' to PIOJ, and now the Ministry of Finance.

**evanovitch** · 10-31-2009, 10:02 PM

Re: BOJ governor resigns 'Not a good sign' - Analysts say

Davies' comment is to be expected given dat my guy is him protegee...of interest is the recommendation that juss release dat while no overt wrongdoing is evident, dem recommend dat di police still look into some aspects of the Virgin deal...waiting fi see how dat one go

**Dyoll_73** · 11-01-2009, 03:01 PM

Re: BOJ governor resigns 'Not a good sign' - Analysts say

wasn't he a member of the Board of AJ when the deal was struck, or was he also chairman?

Also, what about that loan from the BOJ?

**evanovitch** · 11-04-2009, 02:11 PM

like i said, he was Omar's protege

Governor lived large

Contract 'unacceptable, and repugnant', says PM

BY ALICIA DUNKLEY Observer staff reporter [email protected]

Wednesday, November 04, 2009

Prime Minister Bruce Golding yesterday rubbished claims that the Government had dismissed Central Bank Governor Derick Latibeaudiere because of differences in policy, stating instead that he had been let go because of an 'absurd' contractual salary arrangement which morphed from $11.2 million in 2006 to $38 million in 2009.

Latibeaudiere... dismissed last Friday

Addressing Parliament, Golding said the Government last Friday took the decision to terminate Latibeaudiere's services as it found "unacceptable, embarrassing and repugnant the interpretation and application of certain provisions of the governor's contract of employment".

"The contract was approved and signed by the former minister of finance Dr Omar Davies on May 28, 2007 with retroactive effect from August 1, 2006 to run. to July 31, 2011. It was a strange contract, the likes of which has not up to now been found elsewhere," Golding told the House, adding that Latibeaudiere was being paid more than the chairman of the Federal Reserve Board of the United States.

The contract provided for the basic salary of $11.2 million to be increased annually by the percentage increase granted to public sector workers in addition to further increases determined by incremental adjustments. In addition, the dismissed governor was entitled to a fully maintained motor car, reimbursement for entertainment expenses for official purposes, group medical and life insurance coverage, all benefits under the bank's pension scheme and all benefits enjoyed by permanent employees of the bank.

"The governor thus enjoyed the generous terms of a specific contract while retaining all the benefits and privileges of a non-contracted service worker," Golding said.

He also said the contract provision, as it related to housing for the governor, was the most absurd as it set no limit on the amount that can be paid for either rent or maintenance in the event the governor did not occupy the official residence, which was also fully furnished and fully maintained by the bank.

"If it was capped it would be alright, but in the contract the member signed there was no limit, and for all intents and purposes the governor of the bank could go and live in the most expensive house in Jamaica and the bank would have been obliged by contract to value it, pay the rent for it and pay him the maintenance cost," said Golding.

"A governor of the Bank of Jamaica, under that contract, could have gone and purchased a hotel and live in it and the Bank of Jamaica would have been required to maintain the hotel and pay the valued rent," Golding said.

According to the prime minister, blame must be "laid squarely at the feet of the former government and the former minister of finance".

<span style="font-weight: bold">Golding pointed out that it was Dr Omar Davies, the former finance minister, who authorised and signed the contract. "It is a matter of much significance that there is no record in the Cabinet Office to suggest that this or any preceding contract with the former governor was ever approved by or even brought to the attention of the Cabinet," Golding told Parliamentarians.</span>

"I challenge any member of this House to get up on any platform and defend an arrangement where anybody in Jamaica, I don't care how valuable that person is, is to be paid $38 million per year plus free car and benefits of all kind. I want somebody get up and justify that," Golding said further.

The prime minister said a completely new contract of employment with more appropriate terms will be designed for the engagement of the new governor of the bank. He also said the minister of finance will be issuing a policy directive to the BOJ board that an appropriate official residence must be acquired for the governor to eliminate the need for any payment in lieu of housing.

Meanwhile, he said Cabinet on Monday gave instructions that all contracts of employment which involve a compensation package of more than $10 million at the Central Bank, including that of all the deputy governors, must be immediately reviewed.

"We need to determine whether there are other contracts which are improperly designed and structured so we can seek to have those brought in line with what is reasonable and acceptable to the people of Jamaica and this country," Golding said.

"To the extent that the governor of the bank and the deputies are the only employees of the bank appointed by the minister, I am prepared to accept that their contracts are equally absurd. It is not normal for somebody in a service to be given a special kind of contract with special benefits and still enjoy the benefits of the normal service workers," he continued.

Golding also said it was time for the Government to re-examine the governance structure of the bank.

"We are committed to the independence of the Central Bank and the clear separation of responsibility for monetary policy from fiscal policy, but it is also important that the governor of the bank be held accountable and that the bank itself be held accountable," he told Parliamentarians.

He said the report of the 1994 Daisy Coke Committee which was presented to the House remained relevant and would serve to inform the re-examination which will be pursued as a matter of priority.

"The minister of finance will engage the House in determining what changes are to be instituted," he said.

**evanovitch** · 11-04-2009, 02:12 PM

Re: like i said, he was Omar's protege

More to Latibeaudiere's dismissal than being told, says Omar

Wednesday, November 04, 2009

Former finance minister in the previous People's National Party Administration, Dr Omar Davies, yesterday dismissed the Government's explanation for the sacking of Central Bank Governor Derick Latibeaudiere, saying that there was more to the decision than was being made public.

Prime Minister Bruce Golding yesterday told Parliament that the former governor had been let go because of certain provisions of his employment contract which included an exorbitant compensation package which shot from a basic $11.2 million per annum in 2006 to $38 million in 2009.

However, Davies told journalists after the sitting of the House that persons were approached and offered the position of governor before last Friday when the Government announced Latibeaudiere's departure.

Davies, who Golding had blamed for allowing the salary situation to occur, admitted that the amount was "excessive" but said the avenue for resolution in the case of the former governor was not necessarily instant dismissal.

"It could have been negotiated through... the only answer cannot be the immediate dismissal, it's not that there was no possibility of negotiation," Davies told journalists.

He also pushed aside comments by Golding that the contract did not pass through the normal processing and vetting arrangements of the Ministry of Finance.

According to Davies, the contract, which only made reference to the basic salary and rent as at September 2007, was a standard contract and as such did not need to be taken before Cabinet.

"There is no history of bringing such contracts to the Government," he pointed out.

In the meantime, he said the country could not afford to treat persons with the level of professional experience as Latibeaudiere shabbily, noting that the former governor has possibly more experience in negotiating with multilaterals such as the International Monetary Fund (IMF) than himself.

That aside, the former finance minister said he had full confidence in the abilities of Financial Secretary Dr Wesley Hughes, who has been appointed to take over the role as lead negotiator in the current negotiations between the IMF and Jamaica, and former Financial Services Commission boss Brian Wynter who will replace Latibeaudiere on December 1.

- Alicia Dunkley

**evanovitch** · 11-04-2009, 02:16 PM

some sweet deal if u can get it

Housing Latibeaudiere

Wednesday, November 04, 2009

The arrangements for housing in the employment contract of former Central Bank Governor Derick Latibeaudiere which, according to the Government, led to his ousting on Friday began as far back as 1998.

Latibeaudiere... demands that contract be observed

According to that contract, the governor must be provided with a fully furnished and fully maintained official residence inclusive of household and gardening staff and unlimited expenses for telephone, electricity and water. It further states that in the event an official residence is not provided the governor shall be paid rent for the premises he occupies based on the average rental value as determined by two independent valuations. Furthermore, new valuations must be done every two years and an adjustment made. In addition, the bank is required to pay full maintenance cost for the residence with no limits for rent or maintenance.

. In 1998 the Bank of Jamaica (BOJ) purchased a $22 million property at 15 Bracknell Avenue in upper St Andrew for the official residence of the governor from a budget of $35 million to acquire, refurbish and furnish the residence.

. In December 1998, Latibeaudiere suggested that the house be sold and advised the board that moving into the residence generated no real benefit to him despite their insistence. No refurbishing works were started.

. In December 1999 the governor reiterated that he did not want to occupy the house for various reasons, including the cost of refurbishment.

. March 2000 the BOJ board accepted a recommendation that the house be sold, leased or rented.

. December 2000, refurbishing commenced and was completed in April 2002 at a cost of $11.33 million. With furnishings amounting to $7.04 million, total expenditure came to $40.37 million.

. <span style="font-weight: bold">In 2003 it was agreed that the property be sold to the governor who had expressed interest</span>. It was offered at $42 million but he declined. The property was subsequently sold in November 2003 for $40.48 million.

. <span style="font-weight: bold">The bank reverted to paying the governor rent and maintenance for the house he occupied.</span>

. As at September 2008, the governor owned and occupied a residence in St Andrew which had an assessed rental value of $2.551 million and maintenance cost of $5.9 million amounting to over $8.451 million per annum.

. Between 2006 and 2008 the governor secured loans totalling $55.4 million at a five per cent interest rate to build a house in another section of St Andrew. The loans were subsequently questioned by the auditor general who observed that there was no evidence of board approval for the loans nor any specific requirement for board or ministerial approval and that there was no evidence of a loan agreement between the bank and the governor or that the loans were properly collaterised.

. The governor began occupying his new residence in September 2008 but continued to be paid rent and maintenance of over $8.451 million at the time.

. As of September 2009 a combined total of over $23.818 million had been paid for rent and maintenance alone.

<span style="font-weight: bold">The compensation package for the governor as at the time of his resignation stood at over $38.363 million in addition to a fully maintained car, entertainment expenses, medical and life insurance, guaranteed pension and all other benefits to which non-contracted service employees of the bank are entitled.</span>
The former governor, on Friday October 30 prior to his dismissal, insisted that the bank's contractual obligations to him should be observed.

Said Latibeaudiere: "If the contract is not to be observed, then I would think that the law should take its course."

**evanovitch** · 11-04-2009, 02:20 PM

Davies fends off criticisms

Davies fends off criticisms
2009-11-04 09:19:32 | (5 Comments)

Former Finance Minister Dr Omar Davies is fending off criticisms from the Government over his role in the controversial employment contract for the dismissed central Bank Governor, Derick Latibeaudiere.

According to Dr Davies, the Bruce Golding led government is targeting him for political reasons.

In Parliament yesterday, Prime Minister Bruce Golding said Dr Davies was responsible for the controversial employment contract of the dismissed Central Bank Governor.

Under the contract, as at September this year, the Central Bank Governor was earning more than $38 million a year in basic salary and accommodation plus other benefits.

The Former Finance Minister said he is in no way defending the increase in Latibeaudiere’s pay.

However, Dr Davies said the Government has failed to recognize that the Governor’s contract was not new or unique.

It is for this, and other reasons that the former minister believes the Government is trying to attack him.

According to Dr Davies, the only difference with the contracts for other BOJ Governors is that they did not represent an agreement for someone who had been promoted to the highest position at the Central Bank, like Latibeaudiere was.

Dr Davies said he is not convinced that the decision to fire the Governor was because he insisted on being paid the $24 million for accommodation, that was provided for in his contract.

**Dyoll_73** · 11-04-2009, 02:36 PM

Re: Davies fends off criticisms

... the fleecing of Jamaica

**evanovitch** · 11-04-2009, 02:51 PM

Re: Davies fends off criticisms

like missa omar seh "the Governor’s contract was not new or unique."

dat is the thnking that will continue to be our downfall..n all the new ones who aspiring to serve go in wid dis attitude...'fi wi time now....'

**evanovitch** · 11-04-2009, 02:55 PM

'I did not say Virgin deal was legal'

'I did not say Virgin deal was legal'
Published: Wednesday | November 4, 2009

Paula Llewellyn, director of public prosecutions, has taken issue with an article and in particular a headline published in The Gleaner on Saturday, October 31, 2009. As is only fair, this newspaper has allowed the office of the director to have its say.

Dear Sirs:

I make reference to your headline in respect of your report titled, 'Virgin Atlantic deal was legal', says Llewellyn'. This concerned my findings in the matter concerning the sale/divest-ment of Air Jamaica Ltd's London Heathrow slots to Virgin Atlantic Airways, consequent on the contractor general's referral of his report to my office.

On October 30, 2009, on Friday afternoon, I issued a press release on the aforementioned matter in specific terms. I was quite shocked and disappointed to see the headlines on page A3 of your newspaper, The Gleaner, dated Saturday, October 31, 2009, of your reportage. Upon making certain enquiries, I was made to understand that the headline was the product of the editor. I do not take issue with the contents of the report, but the headline which was totally false, bore no relation to the contents of the reportage.

Strong disapproval

I wish to register my strong disapproval of the above-mentioned headline as even a cursory perusal of my media release, my letter to Greg Christie, contractor general and his report on the captioned matter does not provide any basis for that particular headline.

I did not state anywhere in my letter or media release that the Virgin Atlantic deal was legal. I would like to indicate that my mandate as circumscribed in s.94 of the Constitution states inter alia that "the director of public prosecutions shall have power in any case in which he considers it desirable so to do:

a. to institute and undertake criminal proceedings against any person before any court other than a court martial in respect of any offence against the law of Jamaica;

b. to take over and continue any such criminal proceedings that may have been instituted by any other person or authority; and

c. to discontinue at any stage before judgement is delivered any such criminal proceedings instituted or undertaken by himself or any other person or authority."

It is not part of my remit to pronounce on the legality or illegality of contracts in these circumstances. That function falls under the portfolio of the learned Contractor General Greg Christie in these particular circumstances. In other scenarios, the solicitor general and other officers of the Attorney General Department may be asked to assess the status or validity of the relevant contract where appropriate.

Well-founded comments

May I say, in passing, that in relation to Mr Christie's comments, as revealed in his report on this matter, it is my judgement that his comments on all material issues were well founded. The remit of the contractor general is covered by the Contractor General Act, which prescribes his powers. I would not wish the public to be misinformed in respect of the respective roles and responsibilities of the Office of the Contractor General and the Office of the Director of Public Prosecutions. This can only lead to confusion in the minds of the public and possibly undermine the confidence in our respective offices.

I can only hope that this is an aberration and that an apology or retraction of this wholly inaccurate headline is offered. I do encourage your editors and journalists to recognise that the public interest is never properly served by sacrificing accuracy or principle on the alter of expediency.

I will always remain a loyal devotee to the concept of freedom of the press and the critical role of the media to communicate and inform. I will, however, hope that a mutuality of respect will remain and be maintained between the media and my office going forward.

Best regards,

Paula V. Llewellyn, QC, (Ms)

Director of

Public Prosecutions

**sistactry** · 11-04-2009, 05:10 PM

Re: 'I did not say Virgin deal was legal'

ahhh boy, poor fe me country,

fuss dem say him resign, den dem say, dem fire him?? a which one??

and is who fire him,

**evanovitch** · 11-04-2009, 05:16 PM

Re: Davies fends off criticisms

Gov’t had ulterior motives for firing Latibeaudiere - Davies
Wednesday, 04 November 2009

Derick Latibeaudiere, former BoJ Governor.Allegations have surfaced that the Bruce Golding administration had a hidden agenda other than concerns about unapproved salary adjustments when Derick Latibeaudiere, as Governor of the Central Bank was dismissed form his post on Friday.

Prime Minister Bruce Golding told Parliament Tuesday afternoon that that Mr. Latibeaudiere was sent packing after alarm bells went off over the lavish salary and benefits he was receiving.

But Dr. Omar Davies, former Finance Minister claims the Government had an ulterior motive.

According to Dr. Davies who was speaking on RJR's daily current affair programme Beyond the Headlines on Tuesday, the matter is <span style="font-style: italic">being viewed with suspicion as the search for a new Governor of the Central Bank had started long before Derick Latibeaudiere was sacked.</span>

Dr. Omar Davies, former Finance Minister."I have concrete knowledge that persons were approached in terms of being considered as Governor before this became the issue and hence, it would seem to me that whilst this clearly was unacceptable to the Government, it's not the cause or fact leading to (Mr. Latibeaudiere's) dismissal," Dr. Davies said.

There were various reports of policy differences between the former BoJ head and Finance Minister Audley Shaw.

Putting salary package into context

<span style="font-weight: bold">In the meantime, Dr. Davies who signed the former Governor's contract while serving as Finance Minister is admitting that a portion of Mr. Latibeaudiere's salary package was exorbitant</span>.

<span style="font-style: italic">However,</span> <span style="font-weight: bold">he sought to put the matter in context.</span>"The persons who you would wish to work in the regulatory arm of the BoJ are person who would be employable in the private sector and then you'd have to scale the Governor's remuneration above that, <span style="font-weight: bold">so I wouldn't consider that Governor's base salary exorbitant but that some that led to that $38 million I would consider exorbitant</span>," said Dr. Davies.

In Parliament Tuesday afternoon, Mr. Golding announced that the terms of Mr. Latibeaudiere's contract was embarrassing, repugnant and could no longer be entertained.

He said the provision of Mr. Latibeaudiere's contract negotiation by the previous administration saw the former BoJ Governor's compensation package ballooning from $11 million to $38 million a year as of September 2009.

<span style="font-style: italic">The Prime Minister pointed out that the Central Bank shelled out $35 million to build a house for the Governor which he never occupied.</span>

<span style="font-style: italic">Mr. Golding also revealed details of the Governor being paid rent and maintenance amounting to $25 million per annum in addition to his basic salary.</span>
The Prime Minister described the arrangements as unconscionable especially at a time when the country's is undergoing financial stress.

<span style="font-weight: bold">Workers denied benefits while Governor wants increase - BITU </span>

In the meantime, news of the former BoJ Governor's hefty salary package has not gone down well with the main trade union representing workers at the Central Bank.

Kavon Gayle, BITU President General.The Bustamante Industrial Trade Union (BITU) <span style="font-weight: bold">has expressed shock and described as extremely disturbing the fact that Mr. Latibeaudiere sought significant adjustments to his salary during the same period that workers at the bank were told to forego a wage increase.</span>

"The said workers are being deprived of some very simple improvement in benefits including what should have been an agreed increase in salary. I think the Government should investigate the genesis of such a contract and determine if there's any other similar contract of this nature while public sector employees continue to struggle with the little they have.

"Maybe there's some way that this Government can redeem some of what public sector employees would have lost," said Kavon Gayle, BITU President-General.

The latest annual report of the BoJ showed it had 576 employees.

BOJ governor resigns

BOJ governor resigns

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

ads