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Date: 08 Aug, 2011
Source: Central Bank of Barbados

Governor Dr. DeLisle Worrell will represent Barbados on the Financial Stability Board’s (FSB) Regional Consultative Group for the Americas.

The Government of Barbados has also nominated Governor Worrell to serve as one of two co-chairs of the grouping. Mexico will serve as one of the co-chairs, and members of the group will vote for the other.

The FSB established regional consultative groups in November 2010. These groups, the FSB explained then, are intended to expand and formalize outreach beyond its membership and to provide an institutional mechanism for interested authorities and FSB members to interact on the vulnerabilities affecting the regional and global financial systems.

The membership of these regional groupings comprise central banks, supervisory and regulatory authorities and ministries of finance at the level of head or deputy head of these organisations.

The FSB was established to coordinate at the international level the work of national financial authorities and international standard- setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. It brings together national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.