TAILIEUCHUNG - JAMAICA’S FINANCIAL SYSTEM: It’s Historical Development

And in times of financial turmoil, when depositors became wary of private banks, they have been willing to place funds in postal savings at significantly less than the privately offered return. There have been times when this helped to stabilize the situation, as postal savings were redeposited directly to solvent banks reducing the amount of cash drain out of the banking system. But there were other times – perhaps the most important example being in the United States in the 1930s – when shifts to postal savings became disruptive because such recycling did not occur and important lending intermediaries were deprived of funds | JAMAICA S FINANCIAL SYSTEM It s Historical Development Prepared by GAIL LUE LIM Research and Economic Programming Division Bank of Jamaica Copyright @ 1991 by Bank of Jamaica All rights reserved Published by Bank of Jamaica Nethersole Place Kingston Jamaica . NATIONAL LIBRARY OF JAMAICA CATALOGUING IN PUBLICATION DATA Lue Lim Gail Jamaica s financial system Financial institutions .Jamaica Title 097292 2. its historical development Banks and banking -Jamaica The Earlier Financial System 2 CONTENTS PAGE OVERVIEW 4 THE EARLIER FINANCIAL SYSTEM 5 BANKING SYSTEM UP TO 1969 5 The Currency Board 5 The Central bank 5 Commercial Banks 6 Other Financial Institutions 7 THE FINANCIAL SYSTEM - 1970s AND 1980s 9 The Central bank 9 Commercial Banks 10 Other Financial Institutions 11 Trust Companies Building Societies Life Insurance Companies Credit Unions Government Savings Bank People s Cooperative Banks THE FINANCIAL SYSTEM - THE 1990s 15 The Central bank 16 Commercial Banks 21 Other Financial Institutions 24 Merchant banks Trust Companies Building Societies Credit Unions Life Insurance Companies Jamaica Mortgage Bank Development Banks People s Cooperative Banks THE FINANCIAL SYSTEM 2000-2008 35 The Central bank 36 Commercial Banks 38 Other Financial Institutions 40 Merchant Banks Trust Companies Building Societies Credit Unions Life Insurance Companies Jamaica Mortgage Bank Development Banks People s Cooperative Banks

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