The following was provided today to the Nassau Guardian in response to a request for commentary on the developments in the US:
*"The financial crisis in the United States will continue to affect The Bahamas; we know that the world is flat and interconnected.
"The financial crisis impacts the discretionary spending on leisure travel.
"While we are predominantly a private wealth management jurisdiction, the parent companies of many organisations in The Bahamas are exposed to the volatile global markets. The private wealth sector is directly impacted as clients adopt a more conservative approach to investing, reducing the margins that our financial institutions can generate.
"In considering our response to these challenging times, we recognize that we cannot control the global economy. What we must do is prepare our country to compete. Amongst other things, we must define where we can expand and reinforce our foothold in our two key industries. We must define which markets we will pursue, what products/ services will be delivered and what is required to succeed. We must calibrate our services with the needs and expectations of our targeted clientele. In other words we must be focused on growth and expansion. At the same time, the private and public sectors must set hands to the till and improve service delivery and the value we add to our customers.
"Critical changes must be made in the short term so that our key industries are recognized as a “flight to quality, safe haven”. From the customer services agent to the Registrar General, we must invest in our key infrastructure, people and systems."*
Wendy C. Warren CEO & Executive Director Bahamas Financial Services Board