WILLEMSTAD – One of the conditions set by Undersecretary Raymond Knops to assist Curaçao financially during this corona crisis is the cooperation with De Nederlandsche Bank (DNB) and the Central Bank of Curaçao and St. Maarten (CBCS).
The CBCS responded to that requirement. “The Central Bank of Curaçao and Sint Maarten is “at all times” willing to cooperate with De Nederlandsche Bank. This within the legal framework and with respect for each other’s duties and responsibilities,” says the CBCS in a letter to the Curaçao government.
“The current Executive Board, supported by the Supervisory Board, has urged cooperation with DNB as a fellow supervisor since taking office. Given the inadequate capacity and resources, assistance has been requested in tackling problem institutions.”
It appears that, with a few exceptions, DNB in Amsterdam has made cooperation and assistance dependent on the composition of the Executive Board of the CBCS. It is currently not complete; there is a director-secretary, Leila Matroos-Lasten, and a financial-economic director and interim president, Dr. José Jardim, but no president since the turn of the year.
The Supervisory Board has informed the Executive Board that several parties, including DNB, have been approached in the procedure followed by the Supervisory Board with the request to nominate candidates for the position of President of the CBCS; this applies to both the previous ad interim president, Bob Traa and the now candidate Richard Doornbosch.
Cooperation between the supervisors within the Kingdom is “certainly desirable”, but that does not mean that the interests of the different countries always have to be the same.
“With respect for each other’s duties and responsibilities and with due observance of the relevant legal frameworks, the CBCS is happy to discuss with DNB constructively how more substance can be given to the cooperation, also in view of the limitations already mentioned during this difficult time.”