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Saturday, January 31, 2009

Big Ting!

The CLICO bank has just collapsed in Trinidad. More on this as I gather more information.
See article here

To this date, this makes the first Caribbean Bank to go belly bust since the global credit crisis. The Central Bank of Trinidad had to take control and implement a few insurance measures.

I always thought it would have been First Caribbean to go under first. They are heavy in commercial lending and have had over drafts out the wazoo. But, something had to happen.

Any Central Banker or Finance Minister worth his salt, had better double check their domestic sector for any exposure.
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