KINGSTON, Jamaica – Prime Minister, Bruce Golding of Jamaica, has sought to once again give the assurance that the island’s financial institutions are sound.
He said that because of scrupulous supervision, Jamaica’s banks are in a strong position and therefore do not have the kind of problems that have been erupting in the US or other parts of the world since mid- September.
Speaking on his monthly call in programme “Jamaica House Live” Wednesday night (Oct. 29), Mr. Golding said that although we may not be able to escape some of the impact resulting from the financial crises in the United States, the Government is working hard to protect our exchange rate which has seen some slippage.
Mr. Golding said the collapse of Lehman Brothers, one of the biggest investment companies, represents the largest bankruptcy fallout the United States has ever seen. This, he said, has caused that Government to jump in to bail out banks which have been collapsing.
