Published On: Mon, Feb 4th, 2013

Terms of reference made by Dutch Central Bank will be used for audit

WILLEMSTAD – The Terms of Reference (ToR), drawn up by Dutch Central Bank (DNB) for the operational audit of Central Bank of Curaçao and St. Maarten (CBCS), will be used. This will be an integral study of the performance of the bank's management and Supervisory Board of Directors.

The Curaçao Council of Ministers decided last week that tenders would be requested to carry out the audit in accordance with the ToR, Curaçao Finance Minister Jose Jardim said at the council's press conference on Thursday.

Requests for quotations were requested from firms PricewaterhouseCoopers and KPMG on Wednesday. The Netherlands-based offices of both companies were approached, and not the locations in Curaçao, to avoid any potential conflict of interest.

The bank's Supervisory Board met in St. Maarten on Monday. The finalisation of the draft Terms of Reference was discussed. The Curaçao supervisory board members were not present at this meeting.

The supervisory board had taken various decisions in 2011 and 2012 about the audit and who should perform it, said Jardim. However, the power to carry out a study was "not exclusively" with the supervisory board. Jardim explained that the two shareholders Curaçao and St. Maarten eventually could decide to take their own decision and not wait for the Supervisory Board to take one.

In this connection the two countries decided to follow a different path in August last year.

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