The Bankers Association of Trinidad and Tobago (BATT) notes the recent comments made by the President of the Couva Pt Lisas Chamber of Industry and Commerce.
Since the last statement made by the Chaguanas Chamber last week, BATT has since reached out to the Chaguanas Chamber to discuss the comments raised and we also welcome the opportunity to meet with the Couva Pt. Lisas Chamber. It is our hope that these meetings will allow the Chambers and BATT to discuss any concerns noted and to clarify any information required. BATT and the various Chambers in the Country share the same objectives, which are to ensure the stability and growth of the Country and its citizens in this difficult economic environment.
Members of BATT are committed to working with all our customers in promoting transparency and providing key information to enable our customers to make the choices, which match their banking needs. As one of the most regulated industries in the local landscape, we are required by the Central Bank of Trinidad and Tobago (CBTT) to publish a full and comprehensive list of all services provided and their related charges. These charges vary based on service type, channel and product and comparisons made in the public domain need to ensure that the correct data is utilized for public discord. As banking has changed to include more digital and non-branch options there are a range of services which attract reduced or no fees (online, mobile, ATMs, pos). The behaviours of clients need to also change to utilize these new, cheaper options which are more convenient, safe and time effective.
The local market remains very competitive and Banks continue to focus on avenues to deliver value to customers across all lending and deposit products. The data will show that the overall margin between loans and deposit rates are at some of the lowest points experienced in a number of years. The outlook for lending and deposit rates will ultimately be influenced by overall economic and market conditions both locally and internationally, linked to prevailing fiscal and monetary policy. Details on margins and other market rate data are again publically available on the CBTT website for all to see and analyze.
BATT recognizes it plays a vital role in promoting transparency, improving standards and ensuring we are a key stakeholder at the table, as we all work together to help Trinidad and Tobago grow. In doing so, BATT remains committed to ensuring customers’ concerns are addressed and that we help them achieve their goals.