CC | International banks file formal complaint at Central Bank against closure local bank accounts

International Bankers in Curaçao (IBA)

WILLEMSTAD – In a letter to the Interim President of the Central Bank of Curaçao and St. Maarten, Mrs. Leila Matroos-Lasten, the Association of International Bankers in Curaçao (IBA) files a formal complaint against the closing of local bank accounts their IBA Members.

According to the IBA board, some of their members expressed their concerns recently about the fact that a domestic commercial bank, the Maduro & Curiel’s Bank, has given notice of termination of the banking relationship to several their members. This will bring these IBA members in the position that they will not have local bank accounts. The result is that it will make it very difficult, if not impossible, for the international banks to operate in Curaçao.

“You reiterated that the Central Bank is for financial inclusion and invited the members concerned to send a former complaint to the Central Bank. You have also indicated that IBA as the representative organization of the international banks can file the formal complaint regarding letters received by our members form a domestic commercial bank in which notice was given of the closure of bank accounts and the termination of other services and agreements, as well as the fact that a very short and unreasonable notice period has been taken into account,” said the IBA board in their letter.

The letter also says that the members know that the commercial bank has the contractual possibility to terminate an agreement with one of its clients, they still have doubts on the validity of such termination which must also be judged based on the principles of reasonableness and fairness. According to the IBA, the termination of a banking relationship with a client by a bank is not valid if using the contractual authority to terminate such relationship under the circumstances of the case, is not acceptable based on aforementioned principles.

“By terminating the banking relationship, a domestic commercial bank is acting against its duty of care and is not taking the interests of the members, as its clients, into account,” said the IBA in their letter.

The termination letter does not mention any compelling reason for the termination and certainly not for having to do so on such short notice. In an investigation done by Curaçao Chronicle it became clear that the only reason given is that the risk appetite has changed.

The consequences for the international banks on the island are far-reaching since they use the bank accounts with the local banks to pay salaries to their employees, taxes and social premiums and make payments to their local vendors.

The IBA request the Central Bank to exercise its authority to prevent the closure of the bank accounts of the members until an alternative solution is found.

Bron: CuracaoChronicle

7 Reacties op “CC | International banks file formal complaint at Central Bank against closure local bank accounts

  1. @WIM
    Zoals LaStiwz | 12 februari 2019 om 21:45 |
    reeds treffend opmerkte in:
    https://www.knipselkrant-curacao.com/cc-international-banks-file-formal-complaint-at-central-bank-against-closure-local-bank-accounts/#comment-88266
    “@Wim: gebruik geen google translate. Daarmee zet je jezelf voor aap.”

    ´Un homme averti en vaut deux’
    Maar nu zie wat er van komt. Sommigen zullen het ook nooit leren.

  2. La Stiwz is inmiddels vaste klant bij de commentpolis, maar ik wist niet dat zij een kleine lesbienne (‘potjes latijn’) was.

    On topic: banken dreigen hun internationale bankrelaties kwijt te raken als ze gaming klanten hebben op Curacao. Dit kan vergaande gevolgen voor hen hebben, maar ook voor hun klanten.

    Daarom heb ik er, vanuit de bank gezien, wel begrip voor dat zij bepaalde klanten willen afstoten. Zeker die met een crimineel verleden (en heden), zoals Robby’s Lottery.

    Dat is geen novum (sorry voor dit Latijn).

  3. De Rechtsstaat

    Hier kunnen wij wel concluderen: : “it took several monkeys to stop this (latin) show”!

  4. Frits Pel: quod optimum est in terram evadere et gubernatores tui.

    @Wim, Frits Pel, LaStiwz and t.w.i.c.:

    (Potjes-) Latijn wordt niet meer geaccepteerd en heeft vanaf heden algehele verwijdering van het bericht tot gevolg.

    M.v.g.

    Commentpolis

  5. Indeed, not so elegant way to terminate the membership of an Association for Financial Institutes, in this case the IBA. At least there should:
    • A valid and transparent logical Argument being given.
    • A reasonable Notice of Adjournment being used.
    IBA members are advised to transpose all individual accounts to another member [RBC?}

  6. Waren de banken maar zo snel geweest met het beeindigen van arbeidsovereenkomsten.

    Van Eric Garcia en Stefan Capella bij Girobank.

    Van Tiran Tromp, Taco Tara Asjes en Zus de Lannooy bij Centrale Bank.

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