JN to Host Debt Exchange Forum in Florida, USA, April 20th, 2013

The Florida Representative Office of the Jamaica National Building Society (JNBS), in the United States of America (USA), will host a special forum on the recently concluded Government of Jamaica National Debt Exchange (NDX) programme, and its impact on the local financial community, for members of the Society in South Florida.

The main presenter will be Earl Jarrett, General Manager of the JNBS, who will speak to, “The NDX and its Impact,” at the Sheraton Suites in Plantation, Florida, on Saturday, April 20, starting at 5.30 pm.

Mr. Jarrett, who recently completed a series of four NDX meetings for local members of the Society, on a regional basis, said that, “It is vitally important that our members in the US Diaspora understand clearly what is taking place in Jamaica; and the impact which the NDX is having on financial institutions, such as Jamaican National; and all Jamaicans.”  

The NDX was implemented by the government in February, to reduce its local debt repayment burden; and to meet the loan requirements for an Agreement with the International Monetary Fund (IMF). And, recent indications are that an IMF facility could be in place by the end of April.

The meeting will also be addressed by the Hon. Sandra Grant-Griffiths, Consul General of Jamaica to Miami; and will include a question and answer session to clarify specific areas of concern.

Janice McIntosh, JNBS Chief Representative Officer in Florida, said that there is great anticipation for the NDX forum; and, “many JN members, who reside in this state, have enquired online and in person about the financial implications of the Debt Exchange; and the forum will give them the opportunity to participate in the dialogue.”

She noted that some of the main concerns were in respect of the rate of interest on their savings, whether in US or Jamaican dollars; and possible impact on the interest rate on mortgage and other loans.  And, she pointed out that the meeting will form part of the Tenth Anniversary Celebrations of the JNBS Florida Office; and, will be followed by an Ecumenical Church Service at the Ascension Peace Presbyterian Church, Lauderhill Florida, on Sunday, April 21.

A mutual organisation, JNBS is the largest building society in the Caribbean. The JNBS Florida Representative Office, which was officially opened on March 21, 2003, provides a full range of savings and mortgage services, for persons wishing to save and own real estate in Jamaica.