The Bank of Guyana (BoG) will soon have the ability to grant temporary financial bailouts to commercial banks in order to protect depositors from losses similar to those incurred when the Globe Trust and Investment Company Limited (GTICL) collapsed in 2004.
This will become possible with the enactment of the Bank of Guyana (Amendment) Bill, which was passed last evening by the National Assembly.
Also passed by the House was the National Payment Systems Bill (NPSB), which will clear the way for a more structured use of electronic payment methods within the country. Additionally, the Deposit Insurance Bill, which like the other two was tabled by Finance Minister Winston Jordan, was also up for consideration last night and it too was expected to be passed.
