Central Banks say there is no reason to worry

June 14, 2016 10:36 AM

WILLEMSTAD--Both the Central Bank of Aruba (CBA) and the Central Bank of Curaçao and St. Maarten (CBCS) say there is no reason for policyholders of Dutch Caribbean insurance provider ENNIA to be concerned.

They did so following publications by Financieele Dagblad (FD) on a report of the Netherlands Central Bank DNB regarding the placement of a large part of the firm’s financial reserves with other companies of the shareholder Parman Group led by Hushang Ansary.

CBCS held a press conference on Monday afternoon, where President-Director Emsley Tromp focussed mostly on allegations against him and his management in FD.
 
He said all kinds of accusations against him had been levelled since 2010 from the Netherlands and he asked Dutch Parliament as the adequate forum on various occasions to allow him to respond, but it never came to that. He decided under the circumstances to break his silence now and defended several controversial decisions of the past including the bond loans for Port St. Maarten (then St. Maarten Harbour Group of Companies) and Curaçao utility company Aqualectra.
 
Tromp referred to the financial crisis of 2008 in the US but also the Netherlands to illustrate that infallible supervision is a utopia. He said several banks in both countries had gone under or received Government assistance, while the Netherlands Antilles in over 50 years had never experienced such a sector-wide crisis.
 
About ENNIA he said only that if CBCS saw any risk it had the legal obligation to intervene, as was done for example at Girobank. He added that the insurance company had already explained the situation and basically left it at that.
 
CBA in a press release said in case of non-compliance with rules and regulations Aruba has legal instruments that can and will be applied to safeguard the interests of the insured and deposit holders. CBA pointed out that while ENNIA Aruba is part of the ENNIA Group, the local branch has its own capital and investments.

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