Domestic banks still safe from de-risking

Tuesday, August 11, 2015. Aaron Humes Reporting: The Belize Bank lost its correspondent relationship with Bank of America in the United States at the end of April.

While few services were affected there were ripples in the financial sector as Belize came to grips with the reality of larger countries’ insisting that we shut down our domestic offshore banking sector, while dropping countries’ banking relationships.

Now Atlantic International Bank Limited has lost its relationship with Bank of America, but there is a difference according to Minister of Finance and Economic Development Prime Minister Dean Barrow – it is not a domestic bank, and no other domestic banks have lost their relationships.

He hopes to “contain” the damage while noting that there is not much they can do about the offshore sector.

There has been no word from U.S. President Barack Obama, winding down his second and final term, on plans to address the issue with regional leaders following the Summit of the Americas.

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