The Bankers Association of Saint Lucia is pushing for legal, administrative and operational reforms aimed at making property secured financing more efficient and potentially improving access to credit for individuals and businesses.
President of the Association Ron Leon says reform of the framework governing immovable security will form a major part of the organisation’s agenda.
The Association has established an Immovable Security Committee specifically mandated to identify obstacles within the existing system and advocate for changes where necessary.
Leon said the Association intends to provide a united platform through which its members can pursue “real and lasting change,” including legislative reform.
“The Immovable Securities Committee has a mandate to champion the legislative reform, legal, administrative, and operational reforms as well needed for property secured financing to be more efficient,” Leon explained.
The issue has implications beyond financial institutions, with the efficiency of the security and lending framework affecting how readily credit can be extended to consumers and businesses.
The committee is expected to examine challenges within the existing legal and operational framework and work with stakeholders on possible solutions.
Leon said easier access to financial services and greater financial inclusion will remain priorities as that work progresses.
He noted that access to financing is influenced not only by the availability of a loan or other financial product but also by the efficiency of the processes surrounding it.
“Access is not only about whether a financial product exists,” Leon said. “It also is about whether people understand the requirements, whether processes are efficient, and whether the wider legal and administrative framework supports the responsible delivery of service.”
The Bankers Association says its broader mission includes fostering economic growth, strengthening cooperation among financial institutions and building partnerships with regulators to improve the safety and efficiency of Saint Lucia’s financial system.
The Association represents 10 institutions, comprising four retail banks, one development bank and five non bank financial institutions.
