REMARKS OF HONOURABLE ALLYSON MAYNARD GIBSON MINISTER OF FINANCIAL SERVICES AND INVESTMENTS

AT

THE BAHAMAS FINANCIAL SERVICES BOARD

ANNUAL AWARDS BANQUET

16TH OCTOBER, 2004

Mr. Bruno Roberts, Chairman of the Bahamas Financial Services Board,

Members of the Board of Directors,

Honoured guests,

Ladies and Gentlemen.

It is a great pleasure to be here with you this evening at The Bahamas Financial Services Board Annual Awards Banquet.

Ladies and gentlemen, tonight is a night of celebration. It is a night when recognise and thank all of the persons in the financial services sector who have contributed to the continued growth and development of this industry. Through the application of your knowledge, skills and expertise in a client oriented fashion; you have helped this industry, the second pillar of our economy to succeed.

This year was an exciting and productive year for the industry. We saw the passage of several key pieces of legislation. Perhaps most exciting for the industry is the Foundations Bill, which we expect to come into force together with the regulations that we hope will be considered by Cabinet this week. Industry has agreed that the approach to the regulations should be phased. This first phase will be the regulations on fees. The second phase will be the regulations governing other aspects of the legislation. Industry has also been working with the Registrar General’s Department preparing procedures and processes for the incorporation of Segregated Accounts Companies and the formation of Foundations. Procedures for the incorporation of IBCs for mutual funds have already been agreed. Also, specific people have been assigned to each of these tasks. We hope that these agreed procedures will work smoothly and as usual look forward to your feedback so that productivity may continue to improve at the Registrar General’s Department.

I want to take this opportunity to say a few more things about the new Registrar General’s Department.

1. I would like to formally welcome the new Registrar General to the Department. Miss Elizabeth Thompson understands the need for minimal red tape and firm time lines or speedy response times. You will find her to be easily accessible and a willing ear.

2. The Deeds and Documents digitizing process is on track and we are still hopeful that all of the backlog will be either microfilmed or digitized by the end of December 2004. Our objective is to make all future deeds and documents available for searches on the Internet and to integrate past documents into the system over a reasonable period of time.

3. We hope by the end of December 2005 to have all services and records available over the internet using the agent internet module system. This will mean that certified copies of documents may be requested and obtained from your own community, if you live on a Family Island, rather than having to come to Nassau. Also all services connected with the incorporation and maintenance of companies will be obtainable over the Internet.

4. So that the Registrars may have more time to attend to these matters of vital concern to industry and so that marriage officers may have more opportunity to earn an income offering this service, we have instituted a system where marriage coordinators assist in the licensing process and where persons seeking a civil marriage are actively encouraged to utilize the services of a licensed marriage officer other than any of the Registrars. Persons in the marriages department have been asked to provide every applicant with a list of licensed marriage officers so that the licensee may seek the services of one of those officers other than any of the Registrars.

On the legislative front we expect to have the Domestic Insurance Act tabled in Parliament before the end of this year and an agreed position on the International Arbitration Tribunal before the end of the year.

Ladies and Gentlemen, BFSB’s CEO, Miss Wendy Warren and her team have contributed to our successes in ways too numerous to mention and I want to give them our heartfelt thanks.

My main task tonight is to present the 2004 Minister of Financial Services and Investments award for excellence in the financial services sector. The recipient of the award is one who exemplifies excellence in all of its aspects and one who goes above and beyond the call of duty. This year I’ve actively focused on the need for financial institutions to train their team members or to invest and reinvest in our intellectual capital…Bahamians.

I believe that you will all agree that a significant factor that distinguishes The Bahamas from our competitors in the region is the fact that Bahamians participate actively in the sector... or drive the sector. In most of our competitor jurisdictions in the region, non nationals drive the sector.

I want to assure all of you present here this evening that training and as a part of training, opportunity for exposure, is of great importance to the government. We are unwavering in our determination that Bahamians should have the same opportunities to work abroad and on the same terms upon which non Bahamians live and work in The Bahamas. We believe that providing these opportunities is good for the financial institution, good for its employees and good for The Bahamas. I am happy to say that all of the financial institutions with which I have spoken agree. The challenge for us all is to see that our agreement takes effect.

This award is being given this evening to an individual who as well as meeting the previously mentioned criteria, displays a strong sense of professionalism and has made a significant contribution to this sector. The award this year is given to the quiet warrior who may not garner the headlines, but who has helped to ensure that the financial services sector in The Bahamas remains strong and continues to grow and develop. In addition the individual selected this year for the Minister’s award is working to ensure that the community understands and appreciates the difference the financial services sector can make in their individual lives.

His supervisors say that he is a dedicated and hard working young man who truly understands the value of an education and only last year completed his Bachelor of Arts with honours. While he himself was studying he made the time to assist classmates with their work assignments and has encouraged about 30 fellow team members to go and get their Banking certificates.

In addition to his work, he makes time to teach computer classes in his spare time at his former school, Woodcock Primary School and to carry children from Grants Town to church on Sundays. Last year he also helped raised money to buy instruments for Woodcock Primary school including significant contributions from his personal funds.

As someone who strives to always provide excellent service, ensure the continual skills improvement of himself and his team members (deepening our intellectual capital) he exemplifies the values celebrated by this award.

His is an example of the spirit of commitment to excellence. He is a true champion of and for financial services.

It is my great pleasure to announce that the winner of the 2004 Minister of Financial Services and Investments Award is Mr. Robert Pantry an employee in the Credit Card Centre at Royal Bank of Canada.

May his award inspire others to follow his path!