Govt. gives Finsac commission more money

by September 13th, 2017

A new deadline has again been set for the Financial Sector Adjustment Company (Finsac) Commission of Enquiry.

Additionally, the budget of the commission has been revised to approximately $58 million dollars.

Information Minister Senator Ruel Reid says the deadline to submit a report has been pushed back by three months.

This, as the commission has indicated that it is dealing with a high volume of work and needs more time.

The Information Minister was speaking at the post-Cabinet press briefing at Jamaica House this morning (Sept 13).

The Finsac commissioners were reappointed in January and the enquiry was allocated $35. 7m in the supplementary estimates to complete its work.

The estimates of expenditure for the 2017/2018 financial year, which was passed by parliament in March, allocated approximately $43.6 m  to cover the expenses of the Finsac commission.

By then, the commission was granted a seven month deadline to complete the report and was told to abide by a strict schedule, as no further extensions would be given.

But Mr. Reid explained that based on the reasoning presented by the commission, this additional funds and the deadline will be able to provide a fulsome report.

The Finsac commission was set up in 2008 to look into the collapse of the financial sector in the 1990’s.

It began hearings in 2009 and after delays competed sitting in 2012.

Following a change in administration, the previous People’s National Party government said the enquiry cost the country too much and it would not spend any more money for the commission to produce a report.