2003News

Vega opposes rescuing Grand Cayman bank

Former Governor of the Central Bank Bernardo Vega writes in a column in El Caribe today that he opposes the Dominican government assuming responsibility for the debts of a foreign offshore bank of Baninter in Grand Cayman. Vega explains that the motivation to do so would be that among the depositors are local entities with political pull. He said that in order for the government to take on such a commitment, it would need to use its reserves or print more money.