First Caribbean International Bank has advised that the company has not to date, seen any significant exposures to its portfolios occasioned by the crisis .There have been no projected losses or impairment of its capital occasioned by the financial crisis. However market conditions remain volatile and FCIB will continue to be vigilant. FCIB manages its liquidity position very prudently based on the following principles and practices:
i) A well established business structure to manage the liquidity risk comprised of:
a. Corporate liquidity policy applied consistently across all territories by currency
b. Formalized monthly Asset and Liability Committee process at local country level and group ALCO for the consolidated balance sheet
c. Monitoring of liquidity position through target ratios and liquidity gap analysis
ii) A contingency Funding Plan has been prepared and approved by the board and can be executed as required.
Periodic analysis of the liquidity position to assure FCIB will be able to attend to its obligations even under stress scenarios. Given the stress testing in current market conditions that the company policies have endured, FCIB is satisfied that there is adequacy. The Board of Directors will meet on Wednesday, December 3, 2008 to review the company`s financial position and will at that time release the quarterly financial information to the public.
