Published On: Thu, Apr 25th, 2013

Ys: ‘What’s happening in offshore is not Curacao’s fault’

Etienne YsWILLEMSTAD – The Curacao International Financial Association (CIFA), which defends the financial sector’s interests in Curacao, was informed about certain developments with the offshore banking and declares that it respects the decision made by some of these offshore banks.

Latest developments  in the financial sector here in Curacao have nothing to do with measures taken or those which were not taken by the Government, this is according to Etienne Ys, CIFA President. For example, MeesPierson just slashed jobs and Robeco Rorento left the island to establish somewhere else where there is a different fiscal regiment.

According to Ys, he has to recognize that CIFA is informed only when drastic measures are taken. This is done on own initiative of the company. Most of the time these measures were taken because of internal issues. None of these problems had anything to do with the current situation of the island or developments or decisions made by the Government. Sometimes even decisions that the Government did not make are also cause of these problems. In certain cases, laws which were not approved or adapted.

Companies in the financial sector based their decisions solely on developments in the international market. “That is their business,” Mr. Ys reiterated. “It’s good to understand that the international financial market is under continuous pressure since 2008. Internationally different banks went bankrupt. This has happened in USA but also in the Netherlands. MeesPierson was also one who got in perilous times in the Netherlands and the Government had to interfere,” according to Ys.

“So these are issues that have nothing to do with Curacao but far away from us. But out of respect, CIFA gives every business the opportunity to explain their motives and will not mingle with any content of their decision. They make the decision that they thing is the right one for them. On the other side, I must say that the Government is doing its utmost to maintain a competitive position in the international market through adapting or introducing new laws.

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