In its revision of Section I, the Bank considered and included the aims set forth in the “Framework for the Evaluation of the Internal Control Systems” released by the Basle Committee on Banking Supervision. In Section II (Lending Operations), a new item regarding financial institutions’ self-assessment of assets has been added in response to the introduction of the self-assessment system.
A certain dynamic is then unleashed which could and has in many cases led to a certain level of instability in the public finances and the economy. I now speak in a generic way about all OECS economies of which St Kitts and Nevis is very representative.