The Banking Operations Department manages the issuance and redemption of currency and provides banking and other services to the Bank’s customers. The Department arranges for the printing of notes and minting of coins for circulation in Trinidad and Tobago, the safe custody of unused stocks of currency and the issuance, re-issuance and redemption of currency to the public through the commercial banks. Our main customers are the Government, financial institutions and various international organizations.

 

The key banking services provided are:

• Receipt of cash and cheques, and payment of cash over the counter.
• Local payment transactions through the cheque system, the Automated Clearing House (ACH) and the Real Time Gross Settlement (RTGS) system as well as foreign payment transactions.
• Safe custody facilities.

 

Other functions performed by the Department include:

• Operation of the cheque Clearinghouse and the Real Time Gross Settlement (RTGS) system. The RTGS system settles large value transactions TT$500,000 and over and time critical transactions.
• Monitoring of the reserve requirements of licensed financial institutions.
• Back-office operations for domestic and foreign transactions.

The Corporate Communications Department works toward fostering effective internal and external communications and manages the various outreach activities of the Bank. This Department also has responsibility for the arrangement of corporate activities and events. The Bank’s annual flagship event is the “Dr. Eric Williams Memorial Lecture Series” which is held in honour of the memory of the country’s first Prime Minister of Trinidad and Tobago.

 

To facilitate internal communication, the Department utilises a modern intranet service to disseminate accurate and appropriate information, and an Employee Suggestion Programme to provide valuable feedback.

 

The Bank is committed to explaining the monetary policy framework within which it operates and the Department communicates with external stakeholders via various publications and media releases on issues of economic and monetary significance. The Department plays a critical role in managing the Bank’s relationship with the media.

 

The Department is responsible for ensuring that official bank publications as well as other documentation are printed and published properly and on time. The Department produces some documents in-house while others are prepared through external printers.

 

This Department handles all matters related to the Bank’s auditorium facilities. The auditorium is used for internal purposes and is also rented out for the arts and other public functions.

 

The Bank’s Art collection is also managed by the Corporate Communications Department. From time to time, the Department arranges exhibitions of the collection and has produced a publication of the collection entitled “Central Bank of Trinidad and Tobago: Four Decades of Pride”.

The activities undertaken by the Bank relative to the domestic money, capital and foreign exchange markets are carried out by the Domestic Market Operations Department.

With regard to the money and capital market, these include the issue of Treasury securities on behalf of the Government of Trinidad and Tobago as well as the registrar and paying agency function. These are all carried out through an automated auction and registrar system. The Department is also engaged in the development of the secondary market for Government bonds and to this end has facilitated linkages to the Trinidad and Tobago Stock Exchange where secondary market trading occurs.

 

The Department also has responsibility for managing the foreign exchange market. It seeks to maintain orderly conduct through a variety of mechanisms, including adherence to a Code of Conduct. It also carries out the Bank’s intervention policy in the foreign exchange market, buying and selling foreign exchange to authorized dealers to mitigate undue volatility. Additionally, the Department provides information on exchange rates to the public to give an indication of market rates and to facilitate decision-making.

The Facilities Services Department has responsibility for the maintenance of the physical environment, including all mechanical, electrical, air conditioning, access control, CCTV monitoring, telephone and safety systems in the Bank. The Department supervises the various contractors engaged by the Bank to manage these systems.

 

The Department places the highest priority on quality control, which is achieved through routine scheduled inspections of the different systems, inspection of work undertaken by the contractors, as well as daily and weekly status and tool box meetings with contractors. Staff members are able to formally log their concerns with respect to issues regarding the building environment in the Department’s Fault Reporting System.

The Finance and Accounting Department’s core responsibility is to ensure the integrity of the Bank’s financial information through its compliance with both the Central Bank Act and International Financial Reporting Standards (IFRS), culminating with the annual Financial Statements. The Department also has responsibility for the financial information on the Heritage and Stabilisation Fund, the Central Bank’s Pension Scheme and Savings Plan and produces the financial statements for these portfolios.

 

The Department uses an automated general ledger system with a number of activities being decentralised to allow other related Departments’ input of data under controlled conditions.

 

Finance and Accounting Department also has responsibility for the preparation of the annual budget and the tracking of adherence to the approved budget.

The Financial Institutions Supervision Department (FISD) is responsible for supervising the operations of all financial institutions licensed (licensees) under the Financial Institutions Act 2008, and insurance companies, insurance intermediaries and pension plans registered (registrants) under the Insurance Act Chap 84:01 to determine if they are in sound financial condition and operating in accordance with the relevant laws, regulations and guidelines issued by the Central Bank. Responsibility for the supervisory function is vested in the Inspector of Financial Institutions who heads the FISD.

 

Other key objectives of the FISD include maintaining confidence in the financial sector and promoting the soundness and stability of licensees and registrants; promoting the existence of efficient and fair banking and financial services markets; and promoting an appropriate level of protection for depositors, policyholders and pension plan members and beneficiaries.

 

The FISD achieves its objectives by ensuring the legislative, regulatory and supervisory frameworks governing the operations of all licensees and registrants are effective, up to date and reflect international standards and best practices.

The Bank recognises that its staff is its most important asset and in this regard has developed human resources policies and practices that embody equity, fairness and responsible action. The Human Resources Department is charged with responsibility for attracting and retaining the best human resources and fostering people development in line with our strategic goals.

 

In pursuit of the objective of ensuring the fullest professional and personal development of the Bank’s staff, the Human Resources Department strives to:

• Enhance the individual and collective potential of staff in the joint fulfillment of organisational and individual goals.
• Develop and utilise the Central Bank’s internal human resources as far as possible before seeking other resources.
• Foster a climate which provides adequate motivation and opportunities for job satisfaction and challenges for growth and which encourages high levels of performance.
• Provide compensation and benefits that competitively reward staff for their performance.
• Ensure that a system of readiness or mediation exists to produce timely and equitable resolution of any conflicts which may arise.

The Information Technology Services (ITS) Department supports the mission of the Bank by developing and maintaining effective IT based solutions to business problems, working in partnership with internal and external customers of the Bank as well as suppliers. To this end, the Department:

• Provides an efficient integrated and secure IT network infrastructure for access to business applications and data.
• Leverages the use of technology across the Bank and delivers the Business Intelligence for management decision-making.
• Ensures IT service delivery by applying standards and best practices to its processes.
• Secures the Bank’s data and technology resources as the custodian of these, ensuring also disaster preparedness.

The Bank has established an Information Management Steering Committee (IMSC) to oversee IT strategy, IT spending, IT policy and large IT initiatives which impact the organisation.

The Internal Audit Department provides independent analyses of the adequacy and effectiveness of the Bank’s internal control structure to ensure the safeguarding of assets, compliance with applicable laws and regulations and achievement of Management’s objectives.

 

It is guided by the Internal Audit Charter which serves to establish the role, authority, responsibilities and accountability of the Internal Audit Department of the Central Bank.

 

The Internal Audit Department is the Secretariat for the Audit Committee of the Board.

The Knowledge and Information Management Department is responsible for the management of the Bank’s knowledge and information resources. The Department seeks to provide relevant information services to the Bank’s staff in a timely, reliable and effective manner and to ensure that practices are consistent with the Bank’s information policies.

 

The Department provides the following services: Library Services, Records and Archives and Knowledge Management. The Library Services acquires, organises and disseminates a wide range of services, both print and electronic, in a number of subject areas that are relevant to the work of the Bank. The Records and Archives (R&A) Unit is responsible for the life cycle management of the Bank’s records in all formats, ensuring that those records required to support the Bank’s business, legal and regulatory requirements are retained according to approved retention schedules. The R&A Unit also ensures that records with archival value are preserved and protected. The Knowledge Management (KM) system is designed to capture, protect and facilitate the creation, sharing and re-use of the Bank’s intellectual resources in an integrated environment.

The Legal Department provides legal services to the Bank in respect of the specific responsibilities that are defined by the Central Bank Act, Chap. 79:02; the Financial Institutions Act, 2008 and the Insurance Act, Chap. 84:01 and other written law. Legal advice and other services are also provided to all Departments of the Central Bank in the performance of their various business functions.

Accordingly, the Department:-

• Translates or interprets the relevant legislation, renders legal advice and takes legal action in relation to the conduct of the Bank’s various regulatory functions;
• Provides legal support for the operational initiatives of the Bank in pursuit of its statutory mandate;
• Renders advice and prepares legal documents relevant to the wide spectrum of Central Bank operational Departments and staff on a variety of subjects.

Under the Central Bank Act, as amended, the Bank has a statutory obligation to keep financial legislation under continuous review. This is to ensure that the legislation keeps pace with the rapid change taking place in the economy and to ensure that an adequate framework exists in order to allow for structured development in light of global changes. The Legal Department is key to the legislative reform process.

The National Financial Literacy Programme (NFLP) was launched on January 31, 2007 and is spearheaded by the Central Bank of Trinidad and Tobago. The vision of the NFLP is to improve the financial literacy of all citizens. The NFLP aims to promote beliefs, attitudes and behaviour among our citizenry that result in proper money management/financial planning and the development of citizens who are conscious about and capable of making wise financial decisions.

 

The principal objectives of the NFLP are:

• To provide citizens with information needed to make better financial decisions;
• To provide citizens with a basic understanding of banking and finance, including the essential features of the various financial products that they are likely to access;
• To improve the financial analytical skills of citizens so that they can function in an increasingly sophisticated financial environment;
• To promote personal budgeting among our citizenry to prevent excessive personal debt accumulation, thereby promoting savings, investments and financial freedom;
• To encourage citizens to plan ahead and be financially prepared for the future and for life during retirement.

The NFLP has been playing a significant role in improving the public’s knowledge and awareness of financial matters through its Schools’ Programme, Small and Micro enterprise Expositions, Train-the-Trainer Workshops and Community Town Meetings.

The Office of the Financial Services Ombudsman (OFSO) was established by the Central Bank in conjunction with the commercial banks and insurance companies. Its primary responsibility is to investigate complaints from individuals and small businesses with regard to financial services provided by the participating financial institutions and their subsidiaries.

 

The aim of the Office is to render impartial and prompt resolution to those complaints that customers have not been able to resolve satisfactorily with their commercial banks or insurance companies.

 

The Financial Services Ombudsman can consider complaints about a wide range of products and services offered by the participating financial institutions and their licensed subsidiaries.

 

The Office of the Financial Services Ombudsman is not a court of law. The process is relatively informal. The Office of the Financial Services Ombudsman is independent of the commercial banks and insurance companies. After investigation, the final decision on the fair resolution of complaints rests solely with the Ombudsman.

 

There is no charge to the customers who use the services of the Office.

The Bank is charged with responsibility for promoting and maintaining the soundness, safety and efficiency of the National Payments System. It fulfils this responsibility through the conduct of Payment System Oversight which encompasses:

1. Regulation of interbank Payments System Operators;
2. Analysis of Payments System Statistics;
3. Acting as a Catalyst for development of the payments infrastructure.

Particular attention is directed to Interbank Payment System Operators (IPSO) of systemically important payment systems, those that have the potential ability to transmit or cause significant disturbances in the system.

 

The Bank also acts as a catalyst for the development of payment systems and seeks to promote understanding and use of more modern and efficient payment alternatives. This Department also provides the Secretariat for the Payments System Council. This group comprises of a broad cross-section of stakeholders in the payments system including Government, Payment System Operators, other associated regulators and practitioners in the field of Information Communication technology. Its purpose is to advise the Central Bank on strategic matters associated with the development of the National Payments System.

The Procurement and Support Services (PSS) Department provides various support services to the Bank such as purchasing, storage management, transportation, communication, courier, reception, hospitality and utility. Additionally, the PSS arranges with third party suppliers for the supply of the following services: insurance brokerage, air travel and utilities.

 

The Department follows established documented policies and procedures for the procurement of goods and services. These are intended to provide clear and transparent documentation on the philosophy as well as the arrangements governing the procurement function. This is to ensure that the Bank adheres to:

1. an efficient and effective procurement system;
2. establishing appropriate controls for spending on goods and services including having all necessary approvals; and
3. maintaining adequate guidelines for authorized officers to perform the procurement function effectively.

The Research Department is the main organ by which the Bank carries out its mandate to undertake continuous economic, financial and monetary research. More specifically the Research Department undertakes research to assist the Bank with understanding how monetary, credit and exchange conditions change over time and influence economic development. The Department collects and analyses on a continuous basis, information on the performance of the domestic and international economy, and develops projections on how the economy is likely to evolve as a result of both external developments and domestic policy initiatives.

 

The work of the Department is organised in three main areas:

1. Policy Support involves the provision of advice to the Governor, the Board of the Central Bank, the Monetary Policy Committee, and the Government to assist in policy decisions;
2. The Economic Intelligence function involves monitoring of the domestic and international economy as well as collecting, compiling and disseminating data on the financial system and other aspects of the national economy;
3. Research is conducted on topics relevant for understanding how the economy works and how changes could affect monetary and financial stability. In the past, the research agenda has encompassed financial liberalisation and financial sector reform, capital market activity, regional trading blocs, inflation volatility and price rigidity and the impact of remittances on the domestic economy.

The Reserve Management Department is responsible for managing the official foreign exchange reserves in line with the policy of the Bank’s Board. This is provided through the approved Strategic Asset Allocation (SAA) which seeks to generate an acceptable rate of return while keeping the level of risk to the country’s reserves as low as possible. Both internal and external managers are used to invest the reserves.

 

A Committee oversees the investment process to ensure compliance with investment guidelines, to monitor performance relative to benchmarks, to approve operational policy and to endorse any strategic deviations from the benchmarks approved by the Board.

The Risk Management Department is responsible for the implementation and maintenance of the Bank’s Operational Risk Framework. This involves:

1. An integrated monitoring system for key risks and controls;
2. Identification of Bank-wide common risk areas and the validation of the associated controls;
3. Collaborative and continuous risk mitigation strategies throughout the Bank;
4. Promoting increased risk education and awareness.

The Department also coordinates the Bank’s Business Continuity Plan (BCP), the main focus of which is the identification and development of mitigation strategies in both a proactive and reactive manner. This approach seeks to facilitate the recovery of the Bank’s core business functions quickly and effectively following any unforeseen event that interrupts normal business operations. To achieve this, the Department facilitates the improvement, testing, maintenance and update of all components of the plan.

The primary responsibility of the Security Department is the protection of the human and material assets and the provision of a safe environment for the performance of the Bank’s function. To facilitate the performance of their duties, officers of the Security Department are precepted as Estate Police Officers under the Supplemental Police Act, Chapter 15:02. In the discharge of their duties they are vested with all of the rights, powers, authorities, privileges and immunities as any Constable in the Trinidad and Tobago Police Service.

 

In support of this asset protection mandate, the following services are also provided by the Security Department – Access Control into and out of the building, on-going Security Evaluations and Surveys, Executive Protection, Disaster Preparedness and Recovery. The Security Department is also responsible for responding to, and addressing incidents and emergencies which have the potential to disrupt business or cause discomfort to personnel.