Monetary Board takes action on Perpetual Treasuries

Thursday, 9 February 2017 00:00 - - {{hitsCtrl.values.hits}}

The Central Bank Governor yesterday noted he had complained to the IGP about Perpetual Treasuries and the Monetary Board had taken action to curtail the activities of the controversial primary dealer but declined to give details.

“The Monetary Board has taken some action to curtail the activities of Perpetual Treasuries and those actions are proportionate to violations that were indentified in the Central Bank’s onsite examination report of Perpetual Treasuries.

But that report also indentified other things but those need to be investigated further. So in relation to that the Monetary Board decided I as the Governor write to the IGP to instigate an inquiry. That inquiry is going on.

“In addition to that the Monetary Board found other concerns that came out of the onsite report, which could not be fully established as violations but which had to be investigated further. So we have two internal inquiries, the CID inquiry and we have curtailed the activities of Perpetual Treasuries.”

However, he declined to confirm whether the bank accounts of Perpetual Treasuries had been frozen. He also said Perpetual Treasuries had not yet done enough to warrant losing its licence as a primary dealer in response to questions.