Billions for banks Hylton renews push for Gov’t to help companies with unclaimed funds of just over $30 billion in dormant accounts,

BY VERNON DAVIDSON Executive editor – publications davidsonv@jamaicaobserver.com Monday, January 30, 2017    

Banks and other financial institutions are benefiting from just over $30 billion in dormant accounts, the Jamaica Observer has learnt, and former Cabinet Minister Anthony Hylton has renewed his push for the Government to access those funds to support the micro, small and medium-sized enterprise (MSME) sector.

Hylton, who was the industry, investment and commerce minister in the previous Government, placed the matter back on the table as his parliamentary colleague Fitz Jackson continued sparring with banks over what he insisted were exorbitant fees.

Last Tuesday, Parliament started debate on a private member’s Bill, titled the Banking Services (Amendment) Act 2016, tabled by Jackson and seeking to regulate bank fees and charges.

The Bill seeks to amend the Banking Services Act to have the Bank of Jamaica regulate the financial institutions’ use of fees and charges and to protect customers from these fees and charges.

Jackson, in opening the debate, said that he embraced and acknowledged the imperatives of a “profitable and viable” banking industry as indispensable to modern societies.

HYLTON ... Government should
 use funds in dormant accounts

“However, it is the obligation of the State to ensure balance and fairness in transactions among parties that are of national importance, to say the least,” he argued.

He made reference to a report showing that bank fees were “often so exorbitant and unreasonable that it militated against financial inclusion, and the growth of licensed and transparent financial space”. more