March 15th, 2013 Dr. the Honourable Peter Phillips Minister of Finance and Planning The Ministry of Finance and Planning 30 National Heroes Circle Kingston 4 Jamaica Re: Appeal letter for intervention in the financial regulations Dear Sir: This is with reference to the new regulatory regime for financial institutions. The Laguna Group is a small collection of financial establishments that are not regulated by the Bank of Jamaica (BOJ) and have been self-regulated for the past sixty years.
However, with the implementation of the new financial regulations, it is of strong belief that this will greatly impair the operations of the group. It is with this effect that we are calling upon your high esteem to intervene in this urgent matter. The Laguna Group has been vigorous investors in the country’s financial sector and the collective strength of the industry. As a result, the group currently controls fifteen (15%) and eighteen (18%) percent of the country’s total deposits and personal loans respectively.
The unwillingness of the BOJ to enter into negotiations threatens the stability of the funds controlled by Laguna. Minister, this is of grave urgency, the members of the group are willing to meet with you and BOJ to arrive at a mutually beneficial agreement to best serve the group’s existing one million working class clientele. The Laguna Group will seek to strengthen relationships with the government and the central bank; as such your collaboration would be vital in creating specific regulations that would serve the best interest of the group, the central bank, the government and the people of Jamaica.
Again, with regards to the aforementioned, we are strongly beseeching your immediate intervention in the course of these regulations. The matter has already been discussed and deliberated among the group’s members; however it is your diplomacy that will yield absolution from this regime. We eagerly await your response. Thank you. Respectfully, Frances Hibbert Frances Hibbert Group Corporate Executive Officer Laguna Group of Financial Institutions