Nothing about our Dutch benefactors

The Aruba financial sector, is solid and resilient, says a recent press release by the Central Bank of Aruba, it has weathered the unprecedented economic storm caused by the COVID-19 pandemic remarkably well, end of quote.

The CBA then goes on to publish its financial sector supervision report, and states that thanks to its fantastic policing, we have overcome one of the most impactful economic crisis with Aruba has ever experienced.

It’s all a great pat on the back, a self-congratulatory standing ovation.

Astoundingly, there is ZERO mention of the direct and broad financial backing from the Netherlands which is reason for the stability, and the confident environment of our recovery, in the first place.

So, they pat themselves on their back saying, “You see? That is why we have put all those draconic restrictions on you. Now it has paid off because of us, and our clever insight into economic processes.”

It is truly amazing that NOT A WORD was uttered about the generous lifeline thrown to us by the Dutch.

The miracle of recovery, is all thanks to CBA, they say.

They were good to the commercial banks, they claim, and the commercial banks were good to us, it all worked out to prevent bankruptcies.

When the applause died down, the press release goes on to warn us, that if we don’t do EXACTLY as CBA says, we are in danger of being labeled a financial renegade and we’d better enact the State Ordinance of the Prevention and Combating of Money Laundering and Terrorist Financing, immediately, that would give the bank even greater authority, to protect us.

Parliament will have to act, they urge, otherwise we’ll get a negative evaluation from the Caribbean Financial Action Task Force, CFATF, which will be disastrous for a small island, God Forbid, we may be gray or black listed, and no oversees bank will want to do business with us.

We should fear the AML/CST, and the CFETF and the ATF, and IMF, they say.

I agree it sounds scary.

And I believe them, we wouldn’t want to become a risk.

But I cannot believe that they do not acknowledge the meaningful contributions of the Dutch government to our welfare, and just go on telling us how important THEY are.

This press release is completely alienated from reality.

They failed to do their job of supervising GOA by focusing on us, instead.

They failed to fulfil their role as guardian of our financial health.

This press release shows they miss the bigger picture completely and are severely at fault for not forcefully pushing GOA back towards a sustainable level of expenses and investments. This role has been taken up by CAFT, it should have been their job.

 

 

The financial sector supervision report 2020 is available on the website of the CBA www.cbaruba.org as of last week

 

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August 02, 2021
Rona Coster