Here is another view of some competitiors who did not make it to the top three places but presented a fantastic show and will play to a wider audience when they hit the road on Carnival Monday and Tuesday.

Since that visit, a warm relationship has evolved between the school, where Hamida Baksh is the principal, and Guillermo Vasquez Moreno, Cuba’s Ambassador to TT . So moved was the ambassador by Success Pan Sounds playing his country’s national anthem at an evening of appreciation after their return from Cuba that he praised “a disciplined and organised school, a model school where teachers get full support from parents.” This support now extends to a well organised steering committee and several subcommittees, under project manager Nicholas Cumberbatch. Their members have accepted the huge challenge of mounting an exchange cultural visit right after Carnival, from March 4 to 14, by El Conjunto Folkl?rico Nacional de Cuba, a premier internationally- acclaimed Cuban arts company which will perform and educate during the visit.

Many workshops are planned for performing arts teachers and students, community groups, dancers, and choreographers.

Additionally, a forum on “Arts in Education… the Cuban Model” will be offered for people involved in developing, administrating and receiving arts education. A component of this forum will focus on advancing the business and career opportunities to be derived from education in the visual and performing arts. There will also be concerts in Port-of- Spain, San Fernando and Tobago, on dates and times to be published.

Success Laventille Secondary School, under the guidance of its principal, is organising the exchanges.

As a result of the knowledge gained, the school will be taking steps to advance its performing-arts curriculum, which includes the opening of a new dance studio during the Cuban group’s visit on March 13. This is all part of the Schools Improvement Project launched by Prime Minister Dr Keith Rowley recently.

The Cuban National Folkloric Dance Ensemble was founded at the beginning of 1962 by Cuban folklorist Rogelio Mart?nez Fur? and the Mexican choreographer Rodolfo Reyes Cort?s. From the very beginning the aim of this ensemble has been to contribute to the preservation and revitalisation of the dance and musical traditions of the island, while selecting the most valuable traditions and combining them with current theatre requirements, without neglecting their folk nature.

Today, 55 years after its founding, the ensemble has developed a distinctive type of theatre folklore art with great performing results and aesthetics, reflecting the different Cuban cultural traditions from Europe (Spain or France), and Africa (Yoruba, Congo, Carabal?, Arar?, etc), and other traditions coming from the Caribbean islands to Cuba. During more than 80 international tours throughout 45 countries in Europe, America, Africa and Asia, its performances have been welcomed by audiences on some of the most outstanding stages of the world.

Likewise, various audiences have applauded the intensely national art genre of this prestigious dance company, whose artistic and general director and principal choreographer is Manolo Micler.

Folklore advisor and scriptwriter, winner of the National Dance Award, National Research Award, poet and writer and founder Dr Rogelio Mart?nez Fure stated: “The Cuban National Folkloric Dance Ensemble is a river of always-renewed water, faithful to its ancient roots, but at the same time receptive to the frenzy of life.

“The goal of the Cuban National Folkloric Dance Ensemble will not be limited to performance only, but it will also include research carried out in all parts of Cuba, revitalising and bringing back old genres. They mix the traditional with the new trends created by the people, they delve into the past and synthesise the present.” When compared, the fledging Success Pan Sounds’ involvement in competitions date back just 30 years to 1987, a mere four years after the school was established on the hills of Laventille can boast of achievements which include first place in the Steelband Music Festival 1987 and international cultural visits in 1988, 1991 and 1992 to Toronto Canada; to Aberdeen Scotland’s International Youth Festival in 1996.

The band was the first steel orchestra to participate and perform at the Black Arts Festival in Atlanta, Georgia, USA in 2012 and in 2014 was selected by the Ministry of Arts and Multiculturalism to represent TT in the XI International Festival in Cedros, Mexico.

The dedicated school principal reflected on the trip “From Laventille to Cuba” which started with an idle thought: “Why can’t our students go there? If you think it and you dream it, it will happen,” Baksh mused.

Already through the School’s Information and Communications Technology (ICT) Department there had been aggressive approaches to increase the capabilities of students in computer literacy and technology to prepare them for the world of tomorrow.

Out of two projects, Pan In Education and Pan Online, there has been much success in correlating the school’s academic programmes and the arts. Baksh said: “Emanating from this fusion is the production of Legacy of Excellence, a music CD, which captures the musical journey of our student musicians who comprise the Success Stars Pan Sounds Steel Orchestra.” A band which, during the past three decades, has grown to comprise two orchestras, a smaller stage performance orchestra and a larger competitive orchestra and earning a reputation for excellence nationally.

As the years went by, there was drastic change and the fete now in its 20th year and a regular fixture on the Carnival calendar, is attended by a cross section of age groups who all have a most enjoyable time at the Lions Cultural Centre, Fitz Blackman Drive, Woodbrook, on Carnival Saturday.

The party takes place this Saturday from 4 pm to 10 pm thereby allowing for a morning of participation in the NCC Junior Carnival jump-up in Port-of- Spain, and also the Panorama finals in the evening at the Queen’s Park Savannah.

Tickets, which have been kept to the low price of $600 for the third consecutive year, have been limited to maintain a family atmosphere, and can only be purchased from club members or through calling 623-7627.

However, drinks, food, entertainment and a “good time” remain at premium standard and secured parking is offered at the Jean Pierre Complex and TT Red Cross Society (opposite the centre).

Class is Class (1998- 2017) will showcase live entertainment by Dil-E-Nadan, Imij & Co, Samsara de Band and Scrunter’s Pan Groove. Music mix with big screen video will be provided by DJ Scobie.

Premium bars, a main creole meal and an assortment of culturally diverse snacks will also be on offer. However, in accordance with Public Health guidelines, all food must be consumed on the venue.

In keeping with Lions Clubs International’s mandate, all proceeds from club events must be channelled back into the communities where they serve.

This allows many deserving individuals to benefit from the proceeds of fund-raising activities, such as, Class Is Class.

The event, hosted by the Cultural Studies Section of the Department of Literary, Cultural and Communication Studies (UWI), St Augustine in collaboration with the Ministry of Community Development, Culture and the Arts, examines the myriad ways that the Carnival shapes, and is shaped by its environment.

According to Dr Suzanne Burke, one of the organisers of the symposium, the objective is to “bring together the various Carnival stakeholders including practitioners, policymakers, researchers and entrepreneurs to examine and discuss the importance of Carnival to Trinidad and Tobago’s development,” a media release stated.

It will also serve as a vehicle to enhance the “voice” of TT ’s academic community in global discourses on the Trinidad Carnival.

The symposium opens with a keynote lecture and discussion on March 2 at the Auditorium of the Government Campus Plaza on Richmond Street, Port-of-Spain. The event, which is scheduled to begin at 6 pm, will feature Dr Keith Nurse who will speak on “Bacchanlia and the Political Economy of Governance in the TT Carnival.” Nurse is Senior Fellow at the Sir Arthur Lewis Institute of Social and Economic Studies and the World Trade Organization Chair at The University of the West Indies. He has published and served as a consultant on a broad range of topics including: trade policy, aid for trade, diasporas, creative economy, tourism, innovation governance, global value chains and climate change, the release said.

The all-day symposium on March 3 will take place on Daaga Hall Auditorium at UWI, St Augustine.

Panel discussions will embrace topics such as Carnival, politics and identity; gender performativity and sexuality in carnival; pedagogical approaches to Carnival arts performance and Carnival and memory.

For more info on registration: carnivalconferencecssuwi@ gmail.com or visit our facebook page

A Facebook profile under the name of Theresa Coutain live streamed the entire event, much to the delight of people who either could not or did not want to pay the $300, $600 and $1,200 ticket prices. Some grateful virtual attendees have even taken to calling her Saint Theresa.

Live streaming events has now acquired social cachet as Carnival lovers compete to show all those watching, that they were there, front and centre, at the season’s priciest and most exclusive events.

But they don’t usually live stream entire events.

The Machel Monday concert is not the only Carnival 2017 event to have been broadcast to audiences in this manner, presenting new challenges to performers, promoters and even audience members themselves.

For one thing, is the live streamer breaking any laws? For another, performers and promoters rely on ticket receipts to get paid, as well as money accrued from broadcast rights for live performances. How do they deal with live streamers broadcasting a show free of charge to people who might have otherwise bought a ticket?

Nigel Trancoso, an intellectual property law attorney told Business Day that as long as streamers like Coutain are not profiting, or live stream without the intent to, then they are basically outside the ambit of the law.

“One of the issues that arises here is if the person who is going live is receiving any monetary compensation for it,” said Trancoso. “Because it makes no sense going after somebody who doesn’t have the money to pay if they are infringing on intellectual property rights, and this is an intellectual property matter.”

“What I would advise the promoter to do is to write her and let her know what are the intellectual property issues involved and what are some of the neighbouring rights that performers, composer and authors have as the owners of the work. I would also advise that they point out the moral issues surrounding the streaming.”

Beyond issuing this letter though, there isn’t much the performer or the promoter can do because Coutain has not actually infringed on any intellectual property rights.

Trancoso said as long as the streamer acted out of a love of culture and a desire to put it on display for the world, then under the current system, there are no legal consequences. The burden of proof that harm had been done to the event lies with the promoter.

“Next year people may not want to go to the show because they expect that it will go live,” said the intellectual property attorney. “If Machel, or the promoter, sees a reduction and can prove a causal link between the streaming live and a reduction in the patronage, then, they will have an issue that they can argue in court.”

The situation, said Trancoso, is one that is going to become increasingly common as technology outstrips the law’s ability to play catch up. The effects of this will be worse in Trinidad and Tobago he said, because we have now only just begun to put basic copyright provisions in place.

“The world is changing and things that could not have happened five years ago can occur. We have not been where the rest of the world has in terms of intellectual property law. While the rest of the world is evolving and changing and intellectual property law seems to be one of the fastest growth areas in law and business, we have finally started to take baby steps and things are changing on us again,” Trancoso said.

The attorney, who is completing his doctorate in Business Administration with an emphasis in intellectual property law, said IP rights can fuel our economy.

“In 2015, the US government made $5.5 trillion through intellectual property and created 45,000 jobs.”

“We have a Carnival that is not like others in this world,” said Trancoso.

Yet, he said, this country continues to not capitalise on the things that we create. He gave a few examples including the rights to costume likenesses of the much loved Tan Tan and Saga Boy, which he said designer Minshall failed to protect.

Trancoso said laws should be amended and the NCC given more teeth to protect the intellectual property rights of TT’s Carnival.

“Understand, clearly, that success requires a commitment to continuous improvement and going beyond the expected…

Understand that Trinidad and Tobago is a tiny part of the global community in which we have to survive.

Technology has made the world very small and flat. Your peers are not just the guys standing around you in this hall.

They are students in the USA, in Asia and India, in Europe. You cannot compete out there by winging it and extemporising, and you cannot compete in here by doing that either.

Unfortunately, the world is a brutal place and only the fittest will thrive – fittest of mind, spirit and body.” Brooks was delivering a motivational address to students of his alma mater, St Mary’s College (popularly known as CIC, the College of the Immaculate Conception), Frederick Street, Port-of-Spain on January 16.

“The sustainable development and future of our nation lies in the hands of your generation.

Gentlemen, manhood is not about grand-charging or posturing. It is about character, maturity and responsible behaviour.” Noting that he, too, was once at the same juncture in life, Brooks told the young men about the “five basic commandments” he used on his “path to success”: 1) Work hard and work smart; 2) Develop a winning attitude; 3) Integrity is key; 4) Be entrepreneurial; and 5) Learn the value of team.

Work hard and work smart “Successful people have one thing in common: they work hard, consistently, and long. They know their business better than anyone else. They understand the importance of paying attention to details; that’s where the battle is won.

They are always well-prepared.

Consider some well-known sons of the soil, people whose names should be familiar to you: Ken Gordon, Michael Jay Williams, Fr Michel de Verteuil, Professor Emeritus Arnold Rampersad, Brigadier General Joseph L Theodore (deceased). Every man on the CIC Hall of Fame is an example of this approach to work.

There is no recipe for overnight success. Whether in sport, business, education or whatever, master your craft, and that will translate into long term financial success. Master areas that are difficult and complex and you will be richly rewarded.” Develop a winning attitude “Success will hinge on your attitude and your approach.

Tact, diplomacy and a smile are more powerful weapons than showing frustration or anger, steupsing and gesticulating.

See opportunities in the face of obstacles. Take a flexible, innovative approach to challenges. Conduct yourself in such a way that, when a difficult situation is resolved, everyone will say ‘he acquitted himself with poise and dignity.’ A solutions-oriented approach is not a sign of weakness. On the contrary, it shows character, courage and conviction. A winning attitude and a generous spirit will create a memorable reputation that will amplify your chances for success. At the end of your life, all you will have is your reputation. That will be a valuable legacy for your children.” Integrity is key “Gentlemen, you have heard that ‘a little knowledge is a dangerous thing?’ Even more dangerous is plenty knowledge without principles. Some politicians spend millions to create an image which frequently turns to dust because it is devoid of principle at defining moments.

Define yourself by the quality of your character.

In a world surrounded by unethical behaviour, dare to be different! It is possible to succeed without the loss of integrity.

Have courage – show character! Virtus et scientia!” Be entrepreneurial “Expand your imagination about what is possible and dare to be different. Many of us have pre-determined career paths.

We are moulded to believe that a successful life means getting a stable job and working hard at it.

Tomorrow’s environment requires a different model.

My advice – develop an entrepreneurial spirit and a desire to create your own future. Learn about business and develop a passion for whatever you do; any of the great business organisations we see today have been developed by simple people, with simple ideas but great vision.

Progress is made by doing unusual things – taking the path less travelled. Bill Gates did it. Walt Disney did it. Clive Pantin did it – and so, too, can you. Start right now!Eliminate negative statements and negative self-talk. They become selffulfilling prophesies. Set your goals. Visualise them. Believe them and go after them. Success means creating a state of mind that allows you to achieve your dreams.” Learn the value of team A hallmark of this great institution has been the capacity for students to rally together, share ideas, support each other and build on each other’s talents to succeed. That is what great team spirit is all about.

If you don’t believe me listen to Michael Jordan: ‘there are plenty of teams in every sport that have great players and never win titles.

Most of the time those players are not willing to sacrifice for the greater good of the team.

The funny thing is, in the end, their unwillingness to sacrifice only makes individual goals more difficult to achieve.’ I believe to the fullest that if you think and achieve as a team, the individual accolades will take care of themselves. As Michael says, ‘talent wins games, but teamwork and intelligence win championships.’” Declaring that a person can only excel if they have a passion, Brooks advised the CIC students to “select subject areas you love and that excite you…not simply subjects you are able to do”.

“Whether it is art, medicine, accounting, sport or business, follow an academic path that leads to something you love to do, something which is relevant, uplifting and meaningful. Immerse yourself in it and have fun while doing so. Do it thoroughly, and do it with excellence!” CIC, Brooks added, is an institution that “has always inculcated a philosophy of critical thinking, of questioning assumptions, of independent thought, strong intellect and character. The school’s motto is virtus et scientia. This means, as you know, that moral integrity and academic excellence go hand in hand.” “These are the measure of a man,” Brooks stated. “These are core values that have in many ways shaped my own life and have been responsible for my success I have enjoyed thus far.

It is incumbent on all of you to embrace and reinforce these ideals, this culture.” Lamenting that “we live at a time when TT is at risk from declining morals and ethics, (where) we have substituted traditional values for shortcuts, expediency and compromise,” Brooks challenged the young men of CIC to “provide powerful examples to your peers. You must be good mentors and exemplars.

Be outstanding ambassadors.” “Reach out to fellow students who may be tempted by the short-term gains of drugs, risky sexual behaviour or crime and say ‘eh! Don’t do that! It has no future!’ The sustainable development and future of our nation lies in the hands of your generation. Gentlemen, manhood is not about grand-charging or posturing. It is about character, maturity and responsible behaviour,” Brooks declared.

Late payment, in its various forms, is essentially a demand for credit. The appeal to buyers stems from the fact that it is cheaper and more flexible than loans. And its appeal to suppliers is that it provides them with a claim on their customers’ future business.

In an ideal world, where all solvent businesses would have prompt, uninterrupted access to finance from diverse sources, late payment would be very rare and its risk to businesses would be manageable. Suppliers would factor it into the cost of doing business and costconscious buyers would keep payment as prompt as possible. Moreover, regulation would be unnecessary.

However, this ideal world, of course, is very far removed from the reality of business, especially in emerging markets like the Caribbean. Smaller businesses, in particular, face significant financial constraints which make late payment much more than simply a ‘cost of doing business’.

Around the world, the reach of alternative finance (including invoice finance and trade credit insurance) is growing fast, but is still relatively limited.

Although late payment can be rationalised, it is also extremely inefficient for the economy through increased costs, reduced hiring and capital spending and the failure of suppliers. The impact on this business segment can be seen clearly in subdued job creation and investment.

In difficult market conditions like the depths of a recession, the chance that an SME will report late payment more than doubles, while large corporates, which are normally less affected, see an even bigger increase.

Late payment and customer defaults can move along the supply chain, crossing industries and borders until they are absorbed by the most financially secure financial institutions, or indeed governments.

Ending ‘late payment’ is a worthy ambition shared by many governments, stakeholders and individual businesses around the world. Some objectives for government intervention designed to deal with the negative aspects of late payment without compromising economic growth include: 1. To dampen the systemic impact of late payment on the economy, by encouraging ‘deep pockets’ (eg financial services firms or tax authorities) with a stake in the entire supply chain.

2. To ensure that the legal and policy frameworks around incorporation, financing, contracts and insolvency and are aligned in order to deal with different aspects of late payment promptly and in a consistent manner.

3. To encourage trade credit by giving suppliers a minimum level of protection against supplier dilution – ie the reassurance that even when customers fail they can still look forward to a minimum level of recoveries.

4. To ensure that businesses can look forward to a similar level of discretion in negotiating credit terms with their customers regardless of whether they are new or repeat suppliers.

5. To encourage the development of financial markets so that businesses have quick access to alternative financing options in response to changing terms of credit or unexpected late payment.

Unfortunately, the problem of late payment has long resisted a simple definition, and a solution has remained elusive for all but a handful of countries.

Late payment is often understood as a solely negative aspect in business, this is not always necessarily the case. It can also be a useful tool for business growth. Only when this complexity is understood can appropriate responses be developed to address the aspects of late payment which do impact negatively on businesses.

Tackling and managing late payment is a complex policy issue. But is also an issue in which the accountancy profession can play an important influential role.

This is because of the unique position accountants possess, and especially because accountants are seen as small business’s most trusted advisors. Indeed, many accountants are small businesses themselves. Many accountants are reviewing what works and what needs to evolve in their role as businesses’ most trusted advisers – especially in the face of technological innovations and changing business practices, alongside the challenging needs of start-ups.

Professional accountants around the world lead the fight for prompt payment, ensuring that businesses are protected from customer defaults and can cope with interrupted cash flows. Accountants can provide discipline for entrepreneurs and SME. This discipline, alongside business planning is a skill that can help entrepreneurs and SMEs get off the ground and sustain their business.

For the finance professional, understanding developments such as crowdfunding, are all crucial to staying abreast of the new ways of doing business in the 21st century.

Whether we like it or not, late payment remains part of the business equation for the moment.

Next week Monday and Tuesday, the streets of the country will be ablaze with colour and creativity, as masqueraders and supporters alike, release the burdens of daily life and living in joyful abandon.

But for many of us who live and work here, what we feel also is a deep sense of fear, anxiety and outright frustration in relation to crime and criminal activity. The TT Chamber is of the view that despite claims of decline as validated by police statistics, crime – and more so – violent crime remains a huge challenge in TT.

Law enforcement has been on the receiving end of much criticism, particularly when it comes to the issue of the woefully low detection rate. In the face of this opposition, the acting Commissioner of Police has expressed some measure of pride in the recently reported “42 murder-free days” in the Port-of-Spain Division. Historically, this Division has registered some of the highest levels of serious crime in the country; as such, the “murder-free” days are being viewed as no small feat.

We commend the Division for the targeted effort that is presumably being invested in accomplishing this record achievement. But the gravity of the situation on the ground does not allow for the Police Service to rest on its proverbial laurels. The truth is that not all crime is reported to the police, and because of that, numerous unlawful acts never make their way into a station diary, or be captured in police statistics.

One of the most damaging effects of crime on our society is the deep sense of fear that it engenders. It forces a person to alter his/her normal habits and lifestyle choices. Someone will think twice before going to places that would normally be frequent and every move must be planned in advance, in conjunction with a trusted loved one. While taking precaution is necessary, and increased vigilance justifiable, it could equally be said that sometimes, people begin to see shadows over their shoulders, even where they do not exist.

Until the threat of punishment is clearly and firmly articulated, wilful perpetrators of violence will not be deterred in any way from committing nefarious acts. Even in situations of domestic dispute where acts of violence are often motivated by passion, the powers-that-be must convincingly communicate an approach of zero tolerance and severe consequences for this form of anti-social behaviour.

We categorically demand accountability from the Police in combating crime. But what about us? What are we the people doing collectively and as individuals to bring about a massive change wave throughout our society? Have we challenged ourselves to act responsibly, at all times, and within the boundaries of the law? Are we positively influencing our immediate circles of family and friends, to do the right thing? Or do we see crime as somebody else’s problem? Are we still pointing fingers at… others? Yes… the countdown is on to Carnival. But it appears that the clock is ticking steadily towards something far more sinister, if as a society, we do not deal strategically and holistically with crime. We know only too well that far more than a conversation, it takes deliberate and determined action.

To those who will be participating in the Carnival celebrations, going to the beaches or simply remaining at home… on behalf of the TT Chamber: best wishes for safe and secure days.

Our meeting ended with an agreement to a follow-up strategic planning session at her office. One of her primary concerns revolved around the fact that she could not understand why her business trajectory was not providing the necessary results as projected – even though she invested heavily in the proposals offered by various strategists.

I arrived at her office, on the designated date for the follow-up, and at the specified time allotted, and was greeted by the unfriendliest and unprofessional looking security officer, whose primary responsibility was to manage the access into the building. This was the first face of the organisation.

After the security officer grunted and allowed access into the building, I was then met with an equally hostile and ill-tempered reception officer whose grunts matched those of the security officer.

The receptionist, who found it increasingly difficult to part ways with her half-eaten sandwich, found it necessary to speak with her mouth half filled, whilst begrudgingly advising me that she didn’t have any information about any meeting, and that “She was not able with no stress this hour of the day”. This was the second face of the organisation.

By this time, I needed to proceed no further in accurately diagnosing part of the root cause of her corporate issues. This chief executive, like many other persons who are genuinely passionate about their organisations, understood the importance of training and development for the movement of her organisation; however, that training and development stopped at the level of management.

The development thread did not reach the very faces of the organisation that more often than not, were tasked with making the first impressions. Many persons do not see the immediate need to ensure that a focussed development approach must be infused throughout the length and breadth of the organization, and not solely at the management or leadership levels. It is always important to remember that your organisation’s best PR practitioners are your employees. They can evangelize in your favour, or can become your worst nightmare – even in the face of rebranding, remodelling, management adjustments etc. Your employees must understand and buy-in to your vision, whilst becoming practitioners of your organisational mantra.

My experience simply walking into this organisation, could have been any one’s experience, a potential client, an existing client, a potential investor, and the point-of-contact experiences would colour the next steps. I emphasise that it is imperative for all employees to understand and appreciate the leadership vision, as this must also be viewed as an investment in the overall organisation. All employees must be viewed as assets to the organisation – and not simply support staff to the management or the leadership.

When employees are treated as a valued stakeholder group, the value added to the organisation is boundless, and invaluable. It is always advisable to experience life on the side of the employee, walk the shop floors, arrive unexpectedly, experience the work patterns and the work flow, ten times out of ten, I am positive the experience will provide the necessary impetus to understand where the loop holes exist, what improvement can be made, and many times, would provide a clear picture of certain issues management may never have understood or may not have been aware of.

The employee population should not become the weakest link to your organisation, as these kinks could become the difference between achieving organizational targets or organisational setbacks.

The CEO with whom I met, granted permission to use her story, as she did in fact conduct a personal audit, and has undertaken a significant experiential training upgrade of all staff.

Admittedly these are merely a summation of all the possible fees and charges by commercial banks and in no way suggests that all banks charge all these fees. These fees and charges raise a host of questions that must be asked – for instance what is the chronology and rationale for the introduction of each of these fees and charges? When were most of these fees introduced? Indeed, the public hearing held by the Finance and Legal Affairs Joint Select Committee (JSC) at Tower D of the Port-of- Spain International Waterfront Centre appear to have been raising such issues.

The Governor of the Central Bank was quoted as saying that under Section 44A of the Central Bank Act, the Bank, “has a certain amount of power to deal with fees and charges but these are limited really to fees and charges on credit facilities, loans and advances.” Perhaps we can say that, with fees and charges standing at 68, it is time to address this. Legal constraint coupled with limited success in pursuing moral suasion, should suggest to the government that there may be much needed amendments required to the Central Bank Act.

Perhaps even more startling is the suggestion that the increases in these fees and charges were justified. Of course the Governor’s statements are made against the backdrop of the large net interest rate spread experienced in Trinidad and Tobago, which is the difference between the average yield a financial institution receives from loans and other interest-accruing activities and the average rate it pays on deposits and borrowings. Admittedly, based on World Bank data the net interest rate spread has narrowed since 1992 from 8.3 percent to 6.7 percent in 2015. However, it remains higher than the world average (6.2 percent), East Asia and the Pacific (5.0 percent), Arab World (4.2 percent) and South Asia (5.2 percent).

Certainly because of a low interest environment the rate of return for the commercial banks will be affected. It would appear that to maintain an acceptable level of profitability, fees and charges are being used. Interestingly First Citizens Bank (FCB) says it has no intention of increasing the fees it charges customers, even after RBC Royal Bank announced that it will be increasing some fees and introducing new fees to customers. It is left to be seen whether market forces will prevail and we will be taking note of the actions of the other commercial banks in this regard. The commercial banking systems has always been regarded as an oligopoly of sorts and the actions by both RBC and FCB in this instance, leave some room for uncertainty as to how this will continue.

It does not appear that cost of funds is driving the increase in rates and charges. When was the last time a commercial bank raised funds? Would the use of internet, telephone or other forms of banking reduce on overhead cost and thus reduce the net interest spreads – or even better yet lower or eliminate fees and charges? Why hasn’t alternative banking caught on in Trinidad and Tobago? It is good to see a Joint Select Committee raising these issues.