Prime Minister Reports on Central Bank Issues After Saturday Meeting

The Prime Minister of St. Maarten the Honorable Sarah Wescot-Williams concluded the first of a series of bi-lateral consultations between her Government and that of Curacao on questions related to the Central Bank of Curacao and St. Maarten on Saturday. "The old saying which states that all is well that ends well is definitely applicable in this case and we have now arrived at serious and big decisions regarding the Central Bank of St. Maarten and Curacao", stated the Prime Minister.


Through negotiations that were held during the consultations various agreements were arrived at regarding the functioning of the Central Bank and the cooperation between St. Maarten and Curacao with regards to its functioning.

Based on the Video Conference, which was held on the thirteenth of August between Prime Minister Wescot-Williams and the Prime Minister of Curacao Gerrit Schotte, a follow-up meeting was decided to be held regarding the position of both countries on various topics with regards to the Central Bank. The discussed topics were the approval of the Central Bank’s Budget, the appointment of a seventh member to the Supervisory Board of the Central Bank, and the Suspension of the Central Bank President.

During the bi-lateral consultation parties once again officially recognized the importance and necessity for the proper functioning of the Central Bank. The discussions regarding the meeting departed from this importance and set the tone for the meeting. "St. Maarten has stated clearly that we will commit ourselves to the agreements which were set forth on the establishment of the Central Bank. We have also stated clearly that it takes more than one to make a partnership and although the Central Bank is perhaps currently not where it should be, both governments have committed to solve the issues the institution is experiencing," commented the Prime Minister.

Appointment of a Seventh Member to the Supervisory Board of the Central Bank

It was decided during the consultations that the Joint Court of Appeals would appoint a temporary seventh Member to the Supervisory Board until a permanent member can be appointed. It was furthermore decided that all parties would convene on the 27th of August to discuss the appointment of the seventh member to the Supervisory Board.

During the meeting on the 27th of August St. Maarten will also make its position clear regarding the Suspension of Central Bank President Emsley Tromp. "Regarding the appointment of a Seventh Member to the Advisory Council we have made it clear that we will follow the law when it comes to the appointment as such. Also regarding the suspension of the President of the Central Bank we have agreed to take the Breach of Confidence between the President and the Government of Curacao in our further discussions and deliberations," stated the Prime Minister.

Audit of the Central Bank

During the meeting both parties agreed to have an Operational Audit carried out on the Central Bank. The Audit will focus on the functioning of the Bank and aims to increase the transparency of the organization. The Prime Minister stated that both parties have agreed to have an operational audit carried out by an independent and neutral party on the functioning of the Central bank; "This operational audit will neutral and independent as will the appointment of the entity which will carry out this audit.

Approval of the Budget

It was decided to expedite the approval of the Budget for the Central Bank. Both parties agreed that this is an essential component for the resolution of the issues pertaining to the Bank and the proper functioning of the institution. "It is extremely important for St. Maarten that the Budget for 2012 be established and we hope to see this executed soon."

The Prime Minister continued by stating that it is extremely important for not only the Governments, but also for the people and the commercial sectors of both countries to know that both governments will work on the agreements which have been established to enhance cooperation. "Any decisions regarding the Central Bank should be made jointly with the involvement of all parties. We will seek to eliminate the impasse which has been restricting the proper functioning of the Central bank and myself and the Government of St. Maarten are committed to see the proper functioning of the Central bank."

The next bi-lateral meeting will be held on the 27th of August. It was agreed that the consultations would continue indefinitely to ensure the proper functioning of the Central bank.