Central Bank Governor Dr Alvin Hilaire yesterday appeared to convey the limited powers of the Central Bank in combating the giants in the commercial banking sector on the issues of increasing bank fees and charges, interest rates, mortgage foreclosures and on bathroom facilities for the vulnerable. Hilaire, the first Central Bank Governor to appear before a Joint Select Committee on these matters, spoke of “moral suasion” as opposed to giving directives to banks and non-banking financial institutions, as he responded to questions posed by committee members Minister Randall Mitchell, Minister Clarence Rambharat and MP Prakash Ramadhar and Government Senator Michael Coppin.
