a “Sectoral Diagnosis and Recommendations for Regulation

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A policy decision was recently taken to bring the supervision and regulation of credit unions under the purview of the Bank of Guyana.This is according to Central Bank Governor, Dr. Gobind Ganga.Central Bank Governor,Fernando Rodney Jersey, Dr. Gobind GangaThe Governor recently stated that the area is a “supervisory blind spot” with significant reach to the most vulnerable income groups. He said that the decision is in keeping with the overarching objective of the Bank to enhance supervision of the Non-Bank Financial Institutions sector.Dr. Ganga said that during the third and fourth quarters of 2016,NFL Jerseys From China, a “Sectoral Diagnosis and Recommendations for Regulation,Artemi Panarin Jersey, Auditing and Supervision of the Credit Union Sector of Guyana” was undertaken by the World Bank.The diagnostic mission covered, inter alia, areas such as the Legal Framework/Registration; Audit and Supervision; and an in-depth study of the Organizational Structure and Operation of the Credit Unions.Dr. Ganga said that based on preliminary findings,Wholesale Jerseys Free Shipping, the credit unions’ lack of familiarity with International Financial Reporting Standards (IFRS), interpretation of financial indicators, inadequate internal control systems and their complex governance procedures,Wholesale Authentic Jerseys, it is probable that the entire process of fully integrating credit unions under the Bank’s control and achieving some kind of level playing field in regulation will take many years.The Central Bank Governor said that the next step will see the launch of an in-depth audit of the Credit Union Sector, which will focus on areas of corporate governance,Kyle Korver Hawks Jersey, liquidity, solvency, credit business and performance.