St. Martin News Network - St. Maarten

Acting head of Landsrecherche removed from position pending investigation.

lucygachette15052024 PHILIPSBURG:--- Minister of Justice Lyndon Lewis has removed the Acting Head of the Landsrecherché from her position since such a position does not exist. Even after being removed as the acting head, Gachette did not suffer any losses in terms of benefits or salaries. Chief Inspector Lucy Gachette served as Acting Head of the Landsrecherche for the past 12 years.
The acting head, Lucy Gachette, was informed by letter on Wednesday morning of the Minister’s decision after the Minister met with Gachette earlier this week and requested certain information that was never provided.
In an invited comment, Minister of Justice Lyndon Lewis explained that the acting head was removed from her position but remains a detective at the Landsrecherché. Lewis said the removal as head is temporary since there will be in-depth investigations into matters threatening the country's security.
Lewis further explained that the position of “head” of the Landsrecherché had opened several times, and Gachette did not apply for it.
Asked to explain what types of breaches threatened the country, the Minister said that the information had been classified; however, everyone who needed to know was officially notified. The Minister explained that more than 20 persons were present when he addressed the breaches, and the acting head lied to him.

The newly sworn-in Minister of Justice said that there has been a breach of security that threatens the country, and since taking office, he was forced to take corrective measures. Lewis made it clear that he worked within the justice chain for almost 20 years, and besides his knowledge of the Ministry, he is there to do a job and not take revenge, as many people on social media stated. "As Minister of Justice, I will be making unpopular decisions," the Minister said.

claudiusrogers15052024 On Monday, the Minister also instructed the Chief of Police to remove Claudius Rogers from the Armed Robbery team and place him in a lower position because he was informed that Rogers told cadets in training that the Minister of Justice was corrupt.
“I want to make clear that as the Minister of Justice, I will not allow anyone to destroy the minds of the cadets, especially about a Minister and one they do not know.”
Besides, Rogers falls under my jurisdiction, and as Minister of Justice, disciplinary measures can be taken by him.

CBCS uses innovative tools for early risk detection.

Willemstad/Philipsburg:--- The Centrale Bank van Curaçao en Sint Maarten (CBCS) has been upgrading its risk monitoring systems and technical capacities to stay up to date with global developments. By ensuring a robust risk monitoring mechanism, the CBCS can detect risks faced by our financial system as early as possible.

The CBCS' early warning monitoring system (EWMS) is the main tool used to examine systemic Financial Stability risks. Identifying risks in an early stage enables the CBCS to resort to timely policy action. In addition to the conventional early warning indicators, various forecasting techniques provide the CBCS with insights into how the balance sheets of financial institutions can change in the event of an unfavorable shock. Moreover, the CBCS is developing a tool to advance housing market research. In this regard, the CBCS uses data analytics to collect supply-side data on housing pricing. The insights help to monitor hazards connected with housing market developments and associated risks.

To continue building up the CBCS' capacity to improve risk monitoring, the CBCS, in collaboration with the Caribbean Regional Technical Assistance Center, created a credit risk assessment tool in 2023. By predicting credit risk, the CBCS can model the impact of macroeconomic shocks on bank asset quality. This allows the CBCS to implement relevant policy actions on time. In the past year, the CBCS, together with national AML/CFT supervisory agencies, also embarked on a technical assistance trajectory with the IMF to develop a cross-border financial transactions monitoring tool. With the help of this tool, AML/CFT supervisors can better assess cross-border transactions and monitor money laundering and illicit use of the financial system.

More information on our EWMS can be found in the 2024 Financial Stability Report (FSR). This report presents an analysis of the risks and vulnerabilities affecting the monetary union's financial sector during the previous year. The report presents an informed outlook for each financial sector, while the CBCS' macroprudential framework is highlighted. Findings in this FSR have been finetuned with input from stakeholders in the financial sector of Curaçao and Sint Maarten.

The 2024 Financial Stability Report is available on the CBCS website at: https://www.centralbank.cw/publications/financial-stability-reports/2024.

Willemstad, May 15, 2024

CENTRALE BANK VAN CURAÇAO EN SINT MAARTEN

CBCS publishes its 2024 Financial Stability Report.

~Banks, insurance companies, and pension funds show resilience as domestic macro-financial prospects improve.~

Willemstad/Philipsburg:--- The Centrale Bank van Curaçao en Sint Maarten (CBCS) released its 2024 Financial Stability Report (FSR) on May 15. As reported in the FSR, rising geopolitical conflict, cybercrime, and climate change are among the most pronounced risks faced by the financial sector of the monetary union during 2023. Even though the financial sector showed remarkable resilience during 2023, the CBCS remains cautiously optimistic.

The FSR covers forty-eight local financial institutions within the monetary union: eight banks, nine life insurance companies, nineteen non-life insurance companies, and twelve pension funds. Total assets were estimated at NAf. 26.8 billion for 2023, which is more than three times the Gross Domestic Product of the monetary union.

Following a tumultuous 2022, market sentiment improved in the first half of 2023 with solid returns on international capital markets. Domestic macro-financial prospects improved as the domestic economies grew, and tourism and construction activities thrived. However, developments outside the monetary union, such as increased policy interest rates and volatility on international markets, warrant close monitoring.

Domestic banks reported improved capital positions and declining non-performing loans. The profitability of banks deteriorated slightly due to higher operational expenses. Nonetheless, the banking sector was able to generate more income from higher lending volumes, rising interest rates, and other sources. An improved credit risk resulted from fewer non-performing loans, due to improved repayment behavior and enhanced monitoring by the banks.

Institutional investors recorded a substantial recovery in funding- and solvency ratios after experiencing setbacks in the previous year. The high dependency of institutional investors on volatile financial markets greatly affects their investment income and is a reason for vigilance. Non-life insurers saw an increase in claims as tourism-related economic activities picked up. However, insurers also face stagnating premium growth in some product categories. Reinsurance premiums, which continue to rise due to climate change, remain a risk.

The CBCS assesses interconnectedness to determine whether there is a strong connection between domestic financial institutions. A high degree of connectedness may become a risk to financial stability. During 2023, interconnectedness in the monetary union continued to decrease.

With the FSR, the CBCS aims to inform stakeholders and the public about the state of the financial system in the monetary union of Curaçao and Sint Maarten. The report analyzes the risks and vulnerabilities affecting the financial sector. Findings in this FSR have been corroborated with input from the relevant stakeholders in the financial sector of Curaçao and Sint Maarten.

The complete text of the 2024 Financial Stability Report is available on the CBCS website at: https://www.centralbank.cw/publications/financial-stability-reports/2024.

Willemstad, May 15, 2024

CENTRALE BANK VAN CURAÇAO EN SINT MAARTEN

Grisha Commends Organizers of Pazzazz SXM Experience.

PHILIPSBURG:--- Minister of Tourism, Economic Affairs, Transport & Telecommunication, Grisha Heyliger-Marten, expressed heartfelt appreciation to both organizers and attendees of the recent Pazzazz SXM Experience. This dazzling event, held over the weekend, highlighted the island's rich cultural tapestry and warm hospitality, creating unforgettable memories for all participants.

During a signature moment of the festivities, Heyliger-Marten told the jubilant crowd, "Our island is a captivating blend of cultures, offering a unique fusion of European elegance and Caribbean vibrancy. I'm confident you'll relish our delectable creole cuisine and our warm, inviting ambiance. Tonight, I simply want you to enjoy yourselves and let loose."

The Minister expressed profound gratitude to the dedicated organizers whose tireless efforts brought the Pazzazz SXM Experience to life for a second consecutive year. Their unwavering commitment to showcasing the best of St. Maarten contributed immeasurably to the event's resounding success, leaving a lasting impact on attendees.

Looking ahead, Heyliger-Marten said she anticipates welcoming visitors back to St. Maarten for future events, assuring them of continued warmth and hospitality.

The Pazzazz SXM Experience is a collaborative effort between the St. Maarten Tourism Bureau (STB), All Access Promotion Global, LLC, and The Captain’s Rib Shack. The event attracted about 150 visitors half of whom were first time visitors to the island.

The Réserve Naturelle’s managing body (AGRNSM) is calling all vessel operators (captains/skippers) utilizing the Réserve Naturelle commercially or privately to answer an online survey to improve the mooring buoys field for 2024/2025.

mooringbuoys14052024 As part of the ReCorEA project*, the non-governmental organization responsible for managing the Réserve Naturelle Nationale de Saint-Martin (the Association de Gestion de la Réserve Naturelle de Saint-Martin, or AGRNSM) is evaluating the uses, needs, and problems faced by the visitors, particularly concerning current use of mooring fields to improve them for 2024/2025. The survey ends on May 22, 2024.

*Mitigation of anthropogenic pressures faced by coral reefs, seagrass beds and mangroves. With the financial support of the French Biodiversity Agency (OFB), the AGRNSM, France’s Tourism Development Agency (ATOUT France), and the Veolia Foundation.

Strengthening the protection of ecosystems and welcoming the public

Saint-Martin’s National Nature Reserve is home to exceptional natural sites and threatened biodiversity. Its first role is to preserve them for future generations. The reserve also allows for the reception of recreational visitors to enjoy and discover the protected area safely and sustainably. Though some sites, including the islands of Pinel and Tintamarre, are already equipped with mooring buoys, the existing gap between the real users’ needs and their current use threatens to further negatively impact the reserve’s biodiversity. T

A plan defined in collaboration with users

The AGRNSM would like to improve the reserve’s mooring buoy fields in collaboration with the users, namely commercial and private vessel operators utilizing the current mooring buoy field. To do so, stakeholder engagement is needed. Questions for participants include: Are there enough buoys? Are they well-located? Are they easy to use? A quick and easy anonymous survey (an estimated 10 to 15-minute commitment) is available online, permitting users to participate easily. For the moment, all potential solutions are being studied. The responses to the survey will serve as a working basis for the development of technical solutions adapted to the real needs of users and the protection of the environment.

Link to the survey (English version) : https://docs.google.com/forms/d/e/1FAIpQLSfvhGR3WmqJmB2fc4w7pczSpryvI2cINdvVwKeaSaLWLHxmSg/viewform

Link to the survey (French version) : https://docs.google.com/forms/d/e/1FAIpQLSfUW00lJo8GKpIDdzeCU5AcwMXPVzIwq8cAMvg8pJBJtwUz8Q/viewform

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