FINSAC COMMISSION OF ENQUIRY ARCHIVES
The official public archives for all information gathered by the Financial Sector Adjustment Company (FINSAC) Commission during its examination of the circumstances that led to the collapse of financial institutions in the 1990s.
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The financial sector crisis of the 1990s and the Government's response was a defining period in Jamaica's economic life.
The crisis worsened Jamaica’s macro instability and resulted in a rapid build-up of the country’s debt ratio that has taken 30 years to reduce.
The material gathered by the Finsac Commission of Enquiry examining this period consists of contributions from government officials, bank executives and debtors amongst others. These perspectives on a critical aspect of the Jamaican story are being made available to deepen public understanding of the context, causes and consequences of the times.
The publication of the Finsac archive is not to support measures or decisions with respect to any individual, and persons using the information contained in the archive are reminded of their obligations under relevant law.”
Background
The FINSAC Commission was established on January 12, 2009, by proclamation from the Governor-General. Appointed Commissioners were Hon. Justice Boyd Carey (Chairman), Charles Ross, Worrick Bogle and Fernando dePeralto (Secretary).
The Commission was tasked to:
- Examine the circumstances that led to the collapse of several financial institutions in the 1990s with particular regard to:
– the extent to which these circumstances were directly influenced by domestic or external factors;
– the Government’s fiscal and monetary policies;
– the management practices and role of the Board of Directors of the failed institutions; and,
– the performance of Government’s regulatory functions.
- Consider what actions if any could have been taken to avoid the occurrence of the financial crisis and evaluate the appropriateness of the actions which were taken by the authorities in the context of Jamaica’s economic circumstances and in comparison to the intervention by the State in other countries which have had similar experiences.
- Review the operations of FINSAC in relation to the delinquent borrowers and to determine whether debtors were treated fairly and equally.
- Review the probity and propriety in FINSAC’s management, sale and/or disposal of assets relating to delinquent borrowers.
- Review the terms and conditions of the sale of non-performing loans to the Jamaica Redevelopment Foundation.
- Review the practices of the Jamaica Redevelopment Foundation in the treatment of delinquent borrowers and, in particular, the management, sale and/or disposal of their assets.
- Assess the long-term impact of the collapse of these institutions on the economy and on the businesses and individuals whose loans were involved as well as the economic and social impact of the actions taken by the Government with regard to the savers, depositors and investors of the failed institutions.
- Review the steps that have subsequently been taken and make recommendations as to what further steps should be taken to prevent a recurrence of such widespread collapse of financial institutions and resulting hardships.
Challenges
Fifteen years since the establishment of the FINSAC Commission, there is still no full report on its findings. The Commission has faced numerous challenges which have hindered and ultimately delayed the activities and the completion of the report.
These included:
- Notable deaths of key project personnel.
- The initial chairman, now deceased, was removed by the courts.
- Legal advisors have been changed for various reasons including unwillingness to continue and associated costs.
- Finding a suitable venue for the Secretariat and to conduct public hearings. At the establishment of the Commission, it took nine (9) months to secure a venue at the Jamaica Pegasus at great cost. In recent years, the operations were moved to the Ministry of Justice, but the office has since been vacated as the Ministry of Justice wrote to the Ministry of Finance indicating their need for the office space.
- Increased costs and no allocated budget with the change of Government in 2011, which subsequently paused all activities.
- The Commission has completed public hearings, reviewed thousands of pages of transcripts and submissions, heard evidence from several stakeholders, however, the report remains incomplete.
- The Commission has been inactive since 2019 when the remaining Commissioners resigned.
Timeline of Events
FINSAC Commission of Enquiry Costs
ARCHIVES
Please note that the archives are being published with redactions and minor changes to protect the personal privacy of individuals in relation to their business affairs, names , addresses and other identifiers and to comply with the Data Protection Act, the Access to Information Act and other relevant laws. Otherwise, the archive has remained substantially in the same state as received by the Commissioners upon their resignations.
Get in touch with us for further Questions
Please contact the Office of Public Procurement Policy at (876) 932-5704.
