NewsletterI n s t i t u t e o f B a n k i n g a n d F i n a n c e o f T r i n i d a d a n d T o b a g o

14ISSUE

During the 30th Annual General Meeting of the Institute of Banking and Finance of Trinidad and Tobago (IBF), held on April 11th, 2017 at RBL Hospitality Suite, Queen’s Park Oval, St. Clair the new Members and Alternates for the 2017/2018 term were elected. It is therefore with great pleasure that we present the names of our Council Members and their Alternates representing IBF’s Corporate Members from seven (7) commercial banks, the University of the West Indies and the Trinidad and Tobago Unit Trust Corporation as follows:

IBF in collaboration with the Bankers Association of Trinidad and Tobago (BATT), and KPMG hosted a half day seminar on the Property Tax on the Property Tax on May 16th, 2017 at the Trinidad Hilton and Conference Centre, Port of Spain. Mr. Aleem Cassim, President of IBF welcomed all in attendance and encouraged their full participation. Mrs. Kelly Bute Seaton, Executive Director of BATT, in delivering the opening remarks reiterated the importance of the discussions by both facilitators and noted that there were a number of critical issues for discussion at the Seminar.

Participants included banking, finance, insurance professionals, mortgage and lending officers, real estate agents, attorneys-at-law and property owners.

IBF COUNCIL DIRECTORS FOR THE TERM 2017/2018

PROPERTY TAX - What You Should Know:Half Day Breakfast Seminar

From L to R: Mark Farrell, Facilitator – Director – GA Farrell & Associates, Marsha John, CEO – IBF, Gilian Wolfee O’Neil, Facilltator– Director Tax – KPMG, Aleem Cassim, President – IBF, Kelly Bute Seaton, Executive Director – BATT and Mario Young – Moderator

Presentations were delivered by two (2) facilitators:• Mrs. Gillian Wolffe-O’Neil – Director - Tax – KPMG Topics included in her discussion were: • Who is liable to pay property tax? What property is subject to tax? How the tax is computed? • The rates of tax; notice of assessment; objections to assessments and consequences for unpaid tax and penalties and interest.• Mr. Mark Farrell – Director - GA Farrell & Associates Limited Topics included in his presentation were: • Methodology for Annual Taxable Value. Is it the best? • Evidence for Residential Tax Appeals • Motivation of Homebuyer vs. Investor • Are Similar Income Streams Really Equal?The presentations were followed by a very interactive panel discussion moderated by Mr. Mario Young, Credit Management Consultant.

Tableof

Contents:

Pg 1 • Property Tax - What You Should Know Half Day Breakfast Seminar Highlights

Pg 2 • Banking On Our Assets, By Ms. Gisele Mark, Research Specialist - The Bankers Association of Trinidad and Tobago

Pg 3 • IBF Workshops Highlights - 2017 Training Topics Offered

Pg 4 • Registration Information for Cert. FA and DIB - Our Team

Cross Section of attendees

IBF’S President –Aleem Cassim deliverswelcomes greetings toattendees

BATT’s Executive Director –Kelly Bute Seaton deliversofficial opening remarks

A cross section of Attendees

CORPORATE MEMBER COUNCIL MEMBERS ALTERNATE REPRESENTATIVEJMMB Bank (T &T) Limited Aleem Cassim - President Devati MooleedharScotiabank (T &T) Limited

First CitizensRepublic Bank LimitedRBC Royal Bank (T & T) LimitedTrinidad and Tobago Unit Trust CorporationThe University of the West Indies

CIBC First Caribbean International Bank LimitedCitibank (T &T) Limited

Misty Dorman-Hosein - Vice PresidentKiba AguelleraAaron BoissiereSasha MartinAnna-Maria Garcia-BrooksDarren AliCarol PlazaVaalmikki Arjoon (Ph.D)

Marcia GaudetNisha MohammedVerena ChangKurt HeadleyAndre St. ClairJason ThomasLisa FariaMarlene Murray

rising from its success in oil and gas exploration and export, Trinidad and Tobago emerged as the leading energy producer in the region. However, for some time now the country has earned a reputation as a centre of excellence in financial services to the extent that Trinidad and Tobago is now considered as the financial hub of the Caribbean.

In no small part, the country’s prominence as the region’s leading finance centre has been driven by a strategic decision and the general consensus across the political spectrum to

diversify the economy beyond its traditional pillar of hydrocarbons and establish alternative sources of sustainable growth. Consequently, the local financial services sector now plays a pivotal role in driving economic growth, after being identified in 2010 by the Government as one of the seven strategic business clusters for economic development in the country.

KEY PLAYERS

Described as robust by the International Monetary Fund (IMF) in its 2016 Article IV consultation report and ranked at an impressive 37th out of 138 countries in the World Economic Forum’s Global Competitiveness 2016-2017 Report, Trinidad and Tobago’s financial services sector comprises of a range of banking and non-banking financial intermediaries including commercial banks, insurance companies, mortgage banks, finance companies and credit unions.

The country has developed one of the largest commercial banking bases in the Region consisting of eight (8) commercial banks, namely the Bank of Baroda, Citibank, First Caribbean International Bank, First Citizens Bank, Jamaica Money Market Brokers, Republic Bank, RBC Royal Bank and Scotiabank. These banks provide a broad and integrated suite of financial services including TTD and USD savings and investment instruments, foreign exchange dealings, money market instruments, trade financing, project financing and underwriting of shares and bonds.

FACILITATING GROWTH

Over the years, the banking industry has progressed beyond its role as facilitator of growth to become a growth sector in its own right. According to the Central Bank of Trinidad and Tobago, at the end of 2015, the eight commercial banks held TTD133, 912, 413 in assets which represented 4% y/y growth.

Financial services now account for an estimated 13% of GDP (the second largest contributor to GDP after the energy sector). Indeed, the sector grew by 3.7% in 2016, outpacing the 2.3% overall real GDP contraction last year. Sectorally, commercial banks remain highly profitable with low level of non-performing loans, estimated at 3.3% in August 2016, while the ratio of regulatory capital to risk-weighted assets stood at 22.4% from Q3 2016, well above the regulatory requirement of 8%.

REGIONAL LEADER

The commercial banking sector’s status as a regional leader is underpinned by the Trinidad and Tobago’s reputation for stability, sound policy making and a robust regulatory framework.

The conduct of banking business is regulated by the Central Bank of Trinidad and Tobago under the Financial Institutions Act (2008). The Bank

supervises the sector and administers the various statues pertaining to banking, securities and the financial sector in general. To maintain high and consistent standards in financial supervision, the Central Bank is proactive in bringing regulatory and supervisory practices in line with international best-standards, such as guidelines developed by the Basel Committee on Banking Regulations and Supervisory Practices. Of relevance in this regard too is the recently passed Tax Information Exchange Act, which ensures the country’s compliance with the US Foreign Account Tax Compliance Act (FATCA). Indeed, this latest enactment emphasizes the country’s efforts to keep abreast with regulatory best practice and augurs well for the continued facilitation of international business activity.

BUSINESS PROCESSING OUTSOURCING

The World Economic Forum has classified Trinidad and Tobago as an innovation driven economy ranking it in the 2016-2017 Global Competitiveness Index at a favourable 56 out of 138 countries in respect of the availability of latest technology. This, combined with sound ICT infrastructure, a pro-business environment, a literacy rate of 99%, comparatively low operation costs and its geographic advantage vis-à-vis proximity to both Latin America and North America positions Trinidad and Tobago as a competitive Business Process Outsourcing (BPO) location in the English-speaking Caribbean.

In this regard the development and operationalization of the Trinidad and Tobago International Financial Centre (TTIFC) continues to promote the country as a major financial hub in the Caribbean, as well as an ideal location for BPO firms. The TTIFC was established in 2011 to profile the country as a destination for middle and back-office operations for financial institutions, as well as third-party BPO providers. In addition to promoting investment in financial services, the TTIFC provides a myriad of services to BPOs including assistance in site selection, business case justification, tax incentives and investment benefits.

REGIONAL FINANCIERS

The lack of a well-developed capital market has increased the role and function of the commercial banks which serve as a catalyst in boosting higher inflows of private investment, both foreign and domestic, through their network of customers and contacts with entrepreneurs. In this regard, local commercial banks play a critical role in financing large projects throughout the region, and not only in countries where they have a physical presence, but where they do not, it is not unusual for these banks to join with other financial institutions.

As local banks seek new and innovative forms of financing for small and medium sized enterprise, it is conceivable that commercial banks and development financial institutions will be the main mobilisers of regional savings and financiers of regional investment activities for private sector firms as well as individual consumers.

RESILIENT, RESPONSIVE, PROGRESSIVE

Trinidad and Tobago’s banking sector has proven its robustness and flexibility in times of consistent growth and economic contraction. Hence, even as the country recovers from recession, banks in Trinidad and Tobago are well-positioned to keep abreast of technological advances and adhere to (and often exceed) regulatory and reporting requirements, while remaining competitive and adapting to the needs of its customers. Indeed, the banking sector’s role as an agent of progress and economic empowerment will continue to be an inextricable component of Trinidad and Tobago’s programme for sustainable, long-term growth and development.

AIssue 14 BANKING ON OUR ASSETS

pg 2

By: Ms. Gisele Mark,

Research Specialist -The Bankers Associationof Trinidad and Tobago

A - Z MORTGAGE FINANCING -TWO (2) DAY WORKSHOP

WEDNESDAY, MAY 24TH &THURSDAY, MAY 25TH, 2017

KAPOK HOTEL AND CONFERENCE CENTRE,PORT OF SPAIN

Financing via a mortgage loan is considered to be one of the more secure avenues of retail lending from the lender’s perspective. We are pleased to conduct a two (2) day workshop which will equip employees with useful insights and expand their knowledge and expertise when handling a mortgage loan.

Who should attend: Loan Supervisors, Personal and Private Banking Officers, Lending Officers/Sales Officers and Real Estate Agents

Establishing and strengthening the lender’s understanding of the product Assisting clients with understanding the process, while preparing them for the flow of responsibility.

1) BANKINGPERSPECTIVE

2) LEGAL FRAMEWORKOF PROPERTY PURCHASE& MORTGAGE FINANCING

3) VALUATORS/SURVEYORS

PERSPECTIVE

4) PROPERTY TAX:WHAT YOU

SHOULD KNOW

Day 1 Day 2

Day 2 Day 2

Mr. Mario A. YoungCredit Management

Consultant

Mr. Paul VilainAttorney-At-Law -

JD Sellier & Co

Mr. Mark FarrellDirector -

GA Farrell & Associates

Mrs. Gillian Wolffe O’NeilDirector Tax - KPMG

pg 3

2017Training Workshops

CALL FOR ADDITIONAL TRAINING TOPICS.

• Anti-Money Laundering/CFT• A-Z Mortgage Finance• Career Management for High Potentials• Coaching & Mentoring• Credit Analysis & Proposal Writing• Customer Service• Dealing with Conflict Resolution (between managers & subordinates)• Effective Business Communications• Emotional Intelligence• Enterprise Risk Management• Ethics in Business• Financial Planning for Young Professionals

• Investment Management• Leadership Development for Managers & Supervisors• Managing Successful duringDownturn• Market Risk Measurement• Marketing & Presentation Skills• Performance Improvement Fundamentals• Planning for a Successful Retirement• Portfolio Management• Redesigning the Organization for Today’s Economy• Succession Planning• Health and Wellness• IFRS Training

The following will be covered in detail over two (2) days in the A-Z Mortgage Workshop:

What you need to knowIBF Programme Registration Information

Step 1

Step 1

Step 3 Step 4

Step 2

SELECTION OF PROGRAMME

• Diploma In Banking (DIB)or

• Professional Certificate ForFinancial Advisors (CERT. FA)

SUBMIT REQUIREDDOCUMENTS FOR

PROGRAMME ELIGIBILITY

• 2 Forms of Picture identification

• Completed and signedregistration forms

• Proof of Qualifications(Academic) originals

MAKE PAYMENT

• Payment Methods:• Credit Card/Linx Certified

• Cheques & Manager’s Cheques• Direct Deposits

COMPLETE APPLICATIONFORMS

• Membership Application• Programme Application

• Examination Registration• Standing Order

Step 2

Step 3

Step 4

Identify the programme of interest

Complete application forms

Submit required documents

Make payment

please access our website atwww.ibf.org.tt

for additional information

2017 EXAMSPROFESSIONAL CERTIFICATE

FOR FINANCIAL ADVISORS(CERT. FA) 2017

DIPLOMA IN BANKING(DIB) 2017

Examination Date:Saturday, September 16th, 2017

Examination Dates:Monday, 11th Septemnber toFriday, 15th September 2017

Our TeamChief Executive Officer:Marsha JohnResearch & BusinessDevelopment Officer:Camille ApplewhaiteAdministrative Officer:Renee DriscollAccounts Officer:Anton SimonAssistant Quality Assurance/Clerical Officer:Dawn DraytonOffice AssistantNicholas Kirton

Contact Us16 Gray Street, St Clair, Port of SpainTel: 1(868) 628-2944 or 1 (868) 622-0282 Fax: 1 (868) 628-9718e-mail: marketing@ibf.org.tt admin@ibf.org.tt Web: www.ibf.org.tt

NO CASH PAYMENTS

pg 4

Registration Deadline Date:DIB & Cert. FA. 2017 Exams

July 14th, 2017 - (DIB)July 21st, 2017 - (Cert. FA)

Presentations were delivered by two (2) facilitators:• Mrs. Gillian Wolffe-O’Neil – Director - Tax – KPMG Topics included in her discussion were: • Who is liable to pay property tax? What property is subject to tax? How the tax is computed? • The rates of tax; notice of assessment; objections to assessments and consequences for unpaid tax and penalties and interest.• Mr. Mark Farrell – Director - GA Farrell & Associates Limited Topics included in his presentation were: • Methodology for Annual Taxable Value. Is it the best? • Evidence for Residential Tax Appeals • Motivation of Homebuyer vs. Investor • Are Similar Income Streams Really Equal?The presentations were followed by a very interactive panel discussion moderated by Mr. Mario Young, Credit Management Consultant.

Issue 14