BREAKING:

Friday 30th January, 2009

CL Chairman, Lawrence Duprey confirms that government will intervene in CLICO, British American and CLICO Investment Bank.

Mr Duprey says this is just pre-emptive action and he does not believe that it will be a crisis.

Central Bank governor says CLICO manages 38 billion in assets or a quarter of the country’s gross domestic product.

The Central Bank will immediately take control of CIB. CIB’s banking license will be revoked after sale of assets.

Central bank governor assures CIB depositors that their funds are safe.

Government to provide funding for CLICO insurance portfolio in return for equity in CLICO.

CLICO to be returned to its core insurance business.

Central Bank governor says this is not the time to take advantage of CLICO’s situation. Not a time for competition.

Minister of finance, Karen Nunez-Tesheira says international firm to be hired to restructure CLICO, CLICO Investment Bank and British American.

First Citizens CEO, Larry Howai says CIB customers should refrain from visiting First Citizens branches.

First Citizens CEO says there are regulatory and legal issues to be worked out before monies can be paid out.
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If you’re on Twitter, @keith_in_tnt had the scoop from the press conference. (H/T @nplaughlin)