“Opposition MP Raises concerns over financial institutions under Central Bank’s supervision”

July 24, 2023  –WILLEMSTAD – Member of Parliament for the opposition party TPK, Rennox Calmes, has voiced concerns about the recurring problems faced by the Curaçao government due to financial institutions under the supervision of the Central Bank. Calmes highlights that this is not the first time, as it was Giro before and now it’s Ennia. “But how can this happen twice without consequences? The Central Bank has failed again, showing that the entire community will suffer the consequences,” says the opposition MP. 

Calmes emphasizes that the Central Bank must intervene and use its full strength to address the financial challenges caused, in part, by the Central Bank itself. “To make matters worse, the Central Bank’s failure has provided an opportunity for the Dutch government to once again engage in blackmail regarding the request for financial assistance for Curaçao. This situation is nothing new. Whenever we are in a vulnerable position, the Dutch government acts the same way.” 

During the pandemic, it was no different. However, neither the government nor parliament demonstrates any willingness to take responsibility for the supervisory role of the Central Bank. “If we cannot trust that the Central Bank is supervising and intervening on time, then who can we trust? Should we continue leaving supervision in the hands of the Central Bank? Where did the failure occur this time? Did the government-appointed commissioners fulfill their duties? It seems that it has become normal for financial institutions to bring the country into trouble, and then the people must help pay the bailout. If that has become normal, then it is indeed a profitable business,” says the MP. 

Calmes points out that it is interesting to observe that when it comes to cooperatives, the Central Bank has utilized all the force allowed by the law. However, in the cases of Giro and Ennia, the Central Bank simply stepped back. 

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