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鈥s Finance Minister lauds initiativeIn an effort to create a more stable local banking industry, coming on the heels of the devastating global financial crisis,Dwight Lowery Chargers Jersey, the Guyana Association of Bankers has developed a 鈥楥ode of Banking Practice.鈥橳he document was officially launched yesterday at Republic Bank鈥檚 headquarters at Waterloo and New Market Streets, Cummingsburg, in the presence of Finance Minister Dr Ashni Singh, Bank of Guyana (BOG) Governor Lawrence David and his Deputy, Dr Gobind Ganga,Nelson Agholor Eagles Jersey, among other officials in the industry.Chairman of the Guyana Association of Bankers (GAB) John Tracey, in his address to the gathering just prior to handing over copies to several agencies, including the BOG and Bureau of Standards, among others, said that the code was meant to promote good banking practice.The code will focus on promoting disclosure of relevant and useful information to customers such as the various procedures involved in the various transactions, and it also seeks to have banks adopt the position of notifying affected customers of changes to terms and conditions of a service, as well as promote cohesiveness in the relationship between banks and their customers, whereby both parties acknowledge their contractual rights and obligations.An important aspect of the code of banking practice is the provision of a mechanism to resolve disputes between banks and its customers.In prefacing his remarks,Dexter McCoil Chargers Jersey, the GAB Chairman said that the recent global financial crisis has caused the failure of some leading financial institutions and the near collapse of others which has since led to a general lack of confidence in the financial services industry.As a result, Tracey disclosed that in an effort to prevent future similar scenarios,Ndamukong Suh Dolphins Jersey, there has been brought to bear on the financial system, a number of new rules that are intended to curb the ability of banks to operate outside of their established ambit and to reinforce the level of confidence that is so necessary for its smooth functioning.鈥淲e in this region were spared any bank failure out of the crisis since our banking system remains rooted in relatively sound banking practices,Jason Verrett Chargers Jersey, with a set of rules that are well enforced by ourselves and the regulators, allowing our customers to feel confident that the system is well and secure.鈥滺e did caution that while it may seem wise to be comfortable in that situation,Reggie White Eagles Jersey, GAB,Hunter Henry Chargers Jersey, in the execution of its mandate to improve the standards of commercial banking operations in Guyana,Sean Lissemore Chargers Jersey, had pledged to a set of guiding principles as its members seek to enhance the environment of banking in Guyana which resulted in the development of the code of banking practice.He did concede that whilst the code is not new to financial institutions its contents have always guided past actions as they relate to banking transactions and, 鈥渨e recognize that the changing environment demands greater information sharing between financial institutions and their customers so as to foster a more harmonious and fruitful relationship that is mutually beneficial.鈥滿eanwhile, the Finance Minister in his remarks to the gathering reiterated the fact that the administration has always promoted the fact that a sound and competitive finance sector will promote growth in the economy, and as such, he lauded the GAB for the initiative.To this end, he said that over the years the administration has been putting measures in place through legislation and policy,Melvin Ingram Chargers Jersey, among other initiatives, aimed at creating the enabling environment for banks to achieve the named objectives. He said it was even more important in light of the global realities that the industry reflects on ways in which 鈥渨e can promote competitiveness.鈥漈he Finance Minister said that he was pleased to see the strides that the industry has made over the past decades, citing examples such as the embracement of technology which has caused the increased use of debit/credit cards.He made mention also of the fact that there is now the opportunity in Guyana to utilize services such as internet banking and the fact that international cards could now be used locally.Dr Singh urged that the bankers find ways to promote greater use of the banking system which in itself would be good for business and the economy as a whole.The 鈥楥ode of Banking Practice鈥� while catering for some provisions that are furnished in law, is largely voluntary, as it deals primarily with customer service relations.In the preamble of the code it states that the 鈥楥ode of Banking Practice鈥� for banks in Guyana is subject to legislative requirements and general banking law, meaning that the laws of Guyana would take precedence should there be any contradictions .鈥淭hese principles are being documented in order to foster good relations between commercial banks in Guyana and their customers and to promote good banking practice by formalizing standards of disclosure and conduct which banks that adopt the principles agree to observe when dealing with their customers.鈥滻t states too that, 鈥淭his Code is not a complete record of banks鈥� relationship with their customers since specific products and services may have their own terms and conditions鈥�.Such terms may include additional rights for the customers and the bank which vary from those set out herein鈥his Code is the minimum standard by which all commercial banks agree to be bound.鈥�