delisle worrell : developments in the global financial sector with implications for regulators and financial institutions introductory remarks by dr delisle worrell, governor of the central bank of barbados, at the 4th annual domestic financial institutions seminar, bridgetown, 11 september 2013. * * * the conference offers an opportunity to reflect on developments in the financial sector at home and abroad, and on their implications for policy changes by regulators, and for the strategies of financial institutions. the presentations at conferences such as this one may serve as background material for policy making and strategic planning, and they may suggest to us topics to be added to our agenda for further study. on some topics we will be reporting on recent developments, while on others we will be sharing thoughts and ideas that are yet in the process of development. among the major challenges of today's world is the challenge of change, and an occasion like this one provides a forum for us to share perspectives on where changes to the financial sector are heading, and what we may need to do about them, at the individual and at the regulatory levels. in addition to the topics on which formal presentations will be made, participants are encouraged to raise any pertinent issue which we might fruitfully discuss, and put on our agenda for further discussion. on the whole we may be satisfied that we have a financial system that suits our needs, performs well and is well supervised. we keep up to date with international best practices and we keep our eyes on all the circumstances and developments, domestic, regional and international, that could have adverse effects on our financial system. our financial system has a full range of services for the needs of households, for savings, mortgages, purchase of consumer durables, insurance and payments. established businesses are also well served, with finance for equipment, office space and working capital. these services are delivered by financial institutions in which consumers may have confidence. they are all supervised either by the financial services commission ( fsc ) or the central bank, and they report regularly to the supervisor on their operations. we the supervisors carry out examinations to verify that our financial institutions operate to standards of international best practice. the central bank and the fsc collaborate closely to maintain oversight of the financial system as a whole. this collaboration, recently formalised in a memorandum of understanding signed jointly between the bank and the fsc, predates the fsc, and was reflected in links between the earlier regulatory bodies. twice per year the regulators conduct a comprehensive evaluation of the

strategy to effectively respond to global forces in a strategic manner. in the end, however, the resources which firms put into integrating into the regional market in a proactive manner could influence relative success in the years ahead, not only in the region but internationally. in closing, let me once again congratulate toppin, walker and deloitte and all the partners on their recent initiative in establishing deloitte ( barbados ) and for the bold step which they have taken. i wish you every success. thank you for your attention.