Tuesday, February 3, 2009

Ripple Effects of the Global Meltdown

Revelation 18:11 And the merchants of the earth shall weep and mourn over her; for no man buyeth their merchandise any more:

Revelation 18:23 And the light of a candle shall shine no more at all in thee; and the voice of the bridegroom and of the bride shall be heard no more at all in thee: for thy merchants were the great men of the earth; for by thy sorceries were all nations deceived.

The Effects of the Global Meltdown can be in every corner of the Globe.
Even in My Country.

Clico the "House on the Corner"there tag line has felt the effects badly

CL Financial, and in particular CLICO Investment Bank (CIB), have become Trinidad and Tobago's first casualties of the global financial crisis.
In what appears to be lightning time, CL Financial moved from being a success story of entrepreneurship to one of near collapse.
Today the Central Bank and Government agreed that CL was simply too big to be allowed to fail, and has committed huge amounts of taxpayers money to bail it out.
In return, the giant has surrendered control of the country's largest indigenous insurance entity and its prized holdings in methanol.
According to Governor of the Central Bank, Ewart Williams, the effects of the global financial crisis had caused severe strain on CL Financial and in particular its subsidiaries, CLICO Investment Bank, CLICO and British American.
Today, the Government, the Central Bank of Trinidad and Tobago, and First Citizens Bank (FCB) became part of a bail-out package for CLICO Investment Bank, CLICO and British American Insurance and Caribbean Money Market Brokers (CMMB).
Ewart Williams admitted that CIB had been facing liquidity problems creating financial strain on its limited capital.
But that part of the company wasn't alone - CLICO was also in trouble - though nowhere near the debt level of CIB.
On January 7th and 13th, Williams and the Chairman and CFO of CL Financial met and hammered out a financial assistance package.
The Governor says he was well aware of the risks associated with a potential financial collapse of the vast group.
A triangular approach has been adopted to protect against a potential knock on effect inside the entire group, by bringing in the Central Bank it meant there'll be sufficient financial resources to meet CIB customers needs. In addition, CLICO policy holders are also protected.

Williams was keen to stress that CIB's depositors money is safe and that people can continue to have confidence in CLICO.

As part of the deal 55% of Republic Bank will go to First Citizens.
FCB will also manage the assets and liabilities of CIB and Government gains control of Methanol Holdings Trinidad Limited.
Governor Williams was also quick to point out that this is not a time for CL's competitors to try and take over CL's remaining assets.
Williams assures the public that other financial institutions were not affected.



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