Banks holding back as Parliament committee deliberate on fees
KINGSTON, Jamaica (JIS) — The Economy and Production Committee of Parliament is to begin discussions on Tuesday, January 28, on the Bank of Jamaica’s (BoJ) interim report regarding the fees charged by commercial banks and credit unions.
In November 2013 Member of Parliament for South St Catherine Fitz Jackson moved a motion calling for the matter of bank fees to be fully investigated and for the BoJ to submit a report to the committee on the charges up to October 31, 2013.
At its meeting in the House of Representatives on January 14, committee members decided to proceed with deliberations on the initial report instead of awaiting a full report for which the BoJ had requested more time to prepare.
Chairman of the committee, Karl Samuda, said the BoJ, through a letter, explained that while it has prepared an interim document, it had attempted to produce a full report, including a survey. However, there were difficulties with compliance among the institutions, which was about 50 per cent.
