Catherine is Central Bank’s new Inspector of Banks

Former President of the American Chamber of Industry and Commerce, Catherine Kumar, has taken up a leading role as the Central Bank’s Inspector of Banks, replacing Henry Jeffers, who had been in the position for the past 18 years. Kumar told Sunday Newsday, once Government passes legislation for a proposed decision to incorporate all banks and insurance companies under one section, her title will be changed to “Inspector of Financial Institutions” — and she is ready to take on the challenge. Kumar, a dynamic business executive, resides in Westmoorings with her nine-year-old daughter, Cian, a student of the Bishop Anstey Junior School and her husband, Pat Huggins.

She revealed that her husband was quite “excited, happy and supportive” over her new position and boasted about the support she’s received from him over the years. Giving a background of her career and the other positions she held before accepting the new position, she said she was AMCHAM’s President between 2000 and 2003, an Audit Manager at Ernst & Young; Chief Operations Officer at Algico for 17 years; a Board member of both WASA and Petrotrin for five years each and she also served on the Board of CitiBank. Asked if accountancy was what she always wanted to do as a career, she said: “No, it was medicine.” She said, unfortunately, Physics was not available as a subject back then while a student of St Joseph’s Convent, Port-of-Spain.

Straight out of High School, she got a job at Republic Bank at the age of 18, spent one year at the institution and entered the University of the West Indies, St Augustine. There she pursued a Bachelor’s degree in Management and graduated with upper, second-class honours and later acquired her ACCA credentials in accountancy. It was just upward mobility from there on for Kumar. When she was AMCHAM’s President, it was the first time she held such a position and she was the only female executive on the Board of Directors. “The first time I was a woman President, I was initially intimidated, but now, it does not move me,” she said. She said she worked towards achieving respect and being accepted in the male-dominated field. Now, she no longer sees work specifically limited or defined as man or woman’s job. “As a matter of fact, I see my new position as just another professional going to do the job to the best of my ability,”Kumar said.

She praised Jeffers for his outstanding contributions in the banking sector. But as the new Inspector of Banks, Kumar has several objectives she hopes to fulfill, including, taking over from Jeffers in the area of “integrated supervision.” “I hope to keep all the banks in line with best practices and keep them well-regulated, as well as work together with Government in keeping with their 2020 vision for TT to be the leading, financial hub in this part of the hemisphere,” she said. Jeffers, who is out of the country on vacation, left the CB on August 29. According to the Central Bank, Jeffers had been with the financial institution for the past 38 years, having joined the Bank almost from its inception in 1965. During his tenure, he is reported to have overseen the introduction and management of the Exchange Control system during the difficult years when tight control of the country’s foreign reserves was necessary. He assumed the role of Inspector of Banks in 1985 and was instrumental in the forging of the Financial Institutions Act in 1993. The Central Bank also said, Jeffers was responsible for the introduction of the Prudential Criteria and other operating guidelines for financial institutions in TT. He was said to have played a major role in the restructuring and merger of the three commercial banks into the now established FCB Bank Group.