United against corruption
By Hilbert Haar ~ "On the occasion of International Anti-Corruption Day we are united against corruption." That's a line from a recent statement by Justice Minister Cornelius de Weever. Here is another quote from the same statement: "The government..
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Dear Reader
Over a week ago, the Central Bank of Curacao and St. Maarten published its
financial statements for 2017. In a press release the Bank announced that the 2017 financial statements of the Centrale Bank van Curaçao en Sint Maarten (CBCS) had recently been adopted by the meeting of Entitled Asset holders. A
condensed version of these financial statements had been published on the CBCS website.
The Bank stated in its release that the increase of the total balance of 2017 compared to the total balance of 2016 was especially related to the increase of the market price of gold.
The increase of the net result of 2017 compared to the net result of 2016 is attributable to, among others, the increase of the interest rate on the international market (which contributed to the increase of the interest income) and the relative increase of the supervision fees (relative because it relates to a correction of the supervision fees in 2016 for supervision fees that the Bank probably will not be able to collect, which correction has decreased the supervision fees of 2016). The increase of the income has partially been absorbed by the increase of the depreciation expenses (amongst other issuance costs of banknotes, software applications that have been installed, licenses for software applications that have been acquired and extra depreciation on bank premises in order to align the value hereof with the appreciated value) and increase of the general operating expenses (especially related to personnel costs charged to special attention institutions, which has decreased the expenses of 2016).
Two parts of the latter paragraph caught our attention.
The first regards the statement "..a correction of the supervision fees in 2016 for supervision fees that the Bank probably will not be able to collect, which correction has decreased the supervision fees of 2016.."
Why would the Bank not be able to collect supervision fees of 2016?
What reasons would there by for not being able to collect supervision fees?
We posed these questions to the Bank.
The answer we received was: "The correction of the supervision fees in 2016 is based on the ongoing discussions with the supervised institutions on the supervision fee, whereby the Bank – based on preliminary agreements – has made the indicated correction."
So basically this means that the supervised institutions can determine the supervision fee they have to pay.
This brings the popular saying to mind: You don't get what you deserve, you get what you negotiate.
Good to know for future reference.
Oh, and the second part? We leave that for the financial geeks to figure out. Download the complete
PDF file of the 2017 financial statements here.
In the meantime, do enjoy reading our full newsletter today.
Happy readings!
StMaartenNews.com
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StMaartenNews.com Lead Stories
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Questionable behavior
By Hilbert Haar ~ The General Audit Chamber-report about Dutch assistance to St. Maarten in the wake of Hurricane Irma reveals that one of the island's key state-owned enterprises - utilities company GEBE - is in serious financial trouble. The...
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Edible Fruit Arrangements/Edible Bouquets Now On Sale Again
Due to popular demand, StMaartenFlowers.com is now delivering Edible Bouquets again. Our edible fruit arrangements can be ordered online once again. Minimum order budget is $50 US Dollars + $15 delivery fee (Dutch side) + 5% creditcard surcharge.
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StMaartenNews.com Top Stories
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St. Maarten still a billion short after Dutch recovery-aid
Philipsburg - The total cost for the execution of the National Recovery and Resilience Plan (NRRP) have been estimated at €1.9 billion ($2.15 billion). The €550 million ($622 million) the Netherlands made available for post-Irma reconstruction...
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stmaartennews.com
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Cartoon: MP Rolando Brison test results in ...
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StMaartenNews.com SMN-News
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Lee traveled to Italy with INSO seeking comfort letter ...
PHILIPSBURG: --- Minister of Health and Labor Emil Lee has traveled to Italy with INSO representatives seeking the assistance from the Italian Government on behalf of INSO in order for them to continue with the New General Hospital project.
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www.smn-news.com
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Minister of VROMI Miklos Giterson to appear in Court ....
PHILIPSBURG:--- Minister of VROMI Miklos Giterson has to appear before a judge on Tuesday as the Prosecutor’s Office is seeking the court’s permission to prosecute him for driving under the influence of alcohol.
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www.smn-news.com
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A StMaartenNews.com Headline News
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SMHDF Congratulates World Bank Project Team. Phase 1 of...
SINT MAARTEN (PHILIPSBURG) - St. Maarten Housing Development Foundation Director, Helen Salomons, was eager to congratulate the team that submitted complying bids to the Irma Recovery trust fund managed by the World Bank. The first phase of...
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www.soualiganewsday.com
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NAGICO's Christmas Raffle
Draw date Friday December 28, 2018 at 3 pm. Witness Live Drawing by Independent Auditors from Grant Thornton. To be eligible you must have a valid NAGICO Insurance Policy not expired and paid in full before December 26th, 2018.
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stmaartennews.com
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StMaartenNews.com Feature Stories
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NAGICO Group-sponsored rowing team begins 3,000 mile row
With support from NAGICO, Atlantic Discovery team rows from the Canary Islands to Antigua to raise money to fight Multiple Sclerosis (MS) Four-man rowing team Atlantic Discovery commenced The Talisker Whisky Atlantic Challenge Wednesday morning,...
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stmaartennews.com
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StMaartenNews.com Aviation News
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The potential and opportunities of Grand Case airport
by Cdr. Bud Slabbaert ~ It is a well-known fact among economists and aviation professionals that the growth of a region may depend on the development of its airport. You may start laughing, but Grand Case airport and French St.Martin are no...
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StMaartenNews.com Local News
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Public Service Center facilitates Customer Service training
SINT MAARTEN (POND ISLAND) - On Friday, December 14, 2018, the Public Service Center Department (PSC) hosted a Certificate ceremony for frontline Civil Servants who successfully completed a customer service training. PSC together with Consulting...
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www.soualiganewsday.com
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Inspectors return from Calibration Training in Saba
SINT MAARTEN (POND ISLAND) - Three Inspectors from the Department of Inspection within the Ministry of Tourism, Economic Affairs, Traffic & Telecommunication (TEATT) returned this week from an "Inspection of Weights and Measurements Training in...
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www.soualiganewsday.com
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Academy shares the meaning of Christmas in staging play
SINT MAARTEN (CUL DE SAC) - It was a full-fledged Broadway production Thursday evening as more than 100 students of St. Maarten Academy brought home the true meaning of Christmas in song, dance, and acting at the Philipsburg Cultural Centre...
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www.soualiganewsday.com
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StMaartenNews.com Goverment News
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Johnson encourages students to enter FCCA essay contest
SINT MAARTEN (POND ISLAND) - The Florida Caribbean Cruise Association (FCCA) is inviting students of St. Maarten to participate in the 2019 FCCA Foundation - Children's Essay Contest. The FCCA sent its official invitation to Minister of Tourism,...
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www.soualiganewsday.com
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StMaartenNews.com Parliament News
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House of Parliament Host another successful Xmas Cheer
SINT MAARTEN (PHILIPSBURG) - Each year the Parliament of Sint Maarten makes an effort to bring good cheers to the public of Sint Maarten in some form. This year six grade students of the Oranje School, St. Joseph School and Sister Borgia School...
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www.soualiganewsday.com
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StMaartenNews.com Civic News
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Rotary Sunset hosts breakfast with Rotary Int'l President
SINT MAARTEN (LITTLE BAY) - On December 13, 2018, The Rotary Club of St. Martin Sunset hosted the Rotary International President Barry Rassin, as well as Government officials from the Dutch and French sides of St. Maarten, to a Meet & Greet...
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www.soualiganewsday.com
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EDUCATION AND MUSIC ON THE MOVE BY THE NATION'S YOUTH
SINT MAARTEN (PHILIPSBURG) - The talented students of Public Education serenaded all public schools and some of the businesses in Philipsburg in a week of sharing the Holiday cheer from Monday 3 rd December to Friday 7 th December. This was...
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www.soualiganewsday.com
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StMaartenNews.com Curacao News
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Rhuggenaath wants emergency law to circumvent bureaucracy
WILLEMSTAD - The government of Eugene Rhuggenaath wants a special mandate from the Parliament of Curaçao to boost the economy. The bureaucracy must be circumvented through ministerial regulations. The Emergency Law, which must regulate all this,...
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curacaochronicle.com
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Curaçao can now also be seen on Google Street View
WILLEMSTAD - Curaçao is also on Google Street View since Monday, so now you can also navigate to locations like the Pontoon bridge and Small Knip. Google worked with the Curaçao Tourist Board to map the island. Dozens of panoramas of sights were...
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curacaochronicle.com
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Parliament allocates 1/4 million guilders for social goals
WILLEMSTAD - By means of an amendment, the Parliament of Curaçao have allocated 250,000 guilders of their own budget for 2019 for the Parliament to make them available for social objectives. It is an initiative of the members of the coalition...
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curacaochronicle.com
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StMaartenNews.com Dutch Caribbean News
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UNCR presents plan for Venezuelan refugees
NEW YORK - 95 organizations from 16 countries have presented a large-scale plan to deal with the flow of refugees from Venezuela. This is according to the United Nations High Commissioner for Refugees (UNCR) who has coordinated the plan. The plan ...
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curacaochronicle.com
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StMaartenNews.com Finance News
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CBCS announces new bond issue for government of Curaçao
WILLEMSTAD - On Friday, January 11, 2019, there will be a bond issue on behalf of the country of Curaçao. The bond will have a semi-annual coupon as follows: NAf 69,100,000 bond with duration of 30 years. Interest rate is based on the Dutch yield ...
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curacaochronicle.com
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StMaartenNews.com BES-Islands News
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First Saba Day celebration in the Netherlands a big success
Vlaardingen - The first ever Saba Day celebration in the Netherlands on Saturday December 15 turned out to be a huge success. More than 250 people of all ages originating from Saba came to the club Prikkewater in Vlaardingen to dance, eat and...
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bes-reporter.com
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First visit Freedom of the Seas to bonaire
Kralendijk - The cruise ship 'Freedom of the Seas' of cruise company Royal Caribbean visited Bonaire for the first time. During the inaugural visit: OLB, Tourism Corporation Bonaire, Maduro Shipping Agency and port office went on board for the ...
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bes-reporter.com
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StMaartenNews.com Weather
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Weather Forecast: Tuesday to Thursday
DATE ISSUED: Monday, December 17, 2018 @ 18:00 LST (22:00 UTC) VALID UNTIL: Tuesday evening (18:00 LST) December 18, 2018 Tonight through Tuesday evening: Fair to partly cloudy with local showers possible. Forecast High: 29°C / 84°F Forecast Low: ...
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www.soualiganewsday.com
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StMaartenNews.com Business News
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City of Amsterdam Technology Office inspires SHTA with...
SINT MAARTEN (GREAT BAY) - "Technology can bring new economic opportunities, but even more importantly solve societal challenges." This was the key message of Ruben Polderman, Mobility Project Manager of Amsterdam's Chief Technology Office, in...
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www.soualiganewsday.com
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COCI supports ban of single use plastics and applauds...
SINT MAARTEN (PHILIPSBURG) - The St. Maarten Chamber of Commerce & Industry (COCI) says it supports the ban of single-use plastics and applauds those in the business community who have moved to only using reusable and biodegradable products....
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www.soualiganewsday.com
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NAGICO launches the Hurricane Xtra Policy
PHILIPSBURG (Monday, July 23, 2018) - Today, NAGICO Insurances unveiled a new insurance product called the NAGICO Hurricane Xtra Policy. It's designed as a supplemental coverage to insure uncovered expenses that may arise following a hurricane as ...
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StMaartenNews.com Billboard Notices
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Safe holidays: Don't Drink & Drive
SINT MAARTEN (GREAT BAY, DCOMM) - The Collective Prevention Services (CPS), a department within the Ministry of Public Health, Social Development and Labour, and the Department of Communication (DCOMM), in a collective public service message is...
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www.soualiganewsday.com
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Review LuminAID Packlite Max, a Solar Powered Phone Charger
ST. JOHN'S ESTATE - The Wizards, specializing in computer repairs and onsite services, is now the official reseller for an environmentally-friendly product that has a very unusual feature: A solar powered LED lantern that is a phone charger as...
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stmaartennews.com
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CPS: Advises persons at risk to get their flu vaccine
SINT MAARTEN (GREAT BAY, DCOMM) - It's that time of the year when influenza, better known as the flu, becomes more predominant. Influenza is a highly contagious viral infection. Unlike the common cold, influenza can cause severe illness and...
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www.soualiganewsday.com
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Should the laws be adapted to allow school busses to stop diagonally to let children off?
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StMaartenNews.com - Regional News
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Russia announces plans to set up military base in Caribbean
MOSCOW, CARACAS - Russia has announced plans to set up its first ever military base in the Caribbean after striking a deal with cash-strapped Venezuela. The state-sponsored TASS news agency reported that Russian experts had selected the island of ...
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curacaochronicle.com
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StMaartenNews.com Advertisement
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FOR SALE: Red 2004 Ford Escape Jeep
Asking price $6,500 US Dollars. Call or whatsapp 588-0800 for more information.
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StMaartenNews.com Online News Stories
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São Paulo and Curaçao now connected with direct flights
Curaçao's beaches and diversity are now closer to the Brazilian traveler. Weekly Sunday flights between São Paulo and Curaçao, starts December 16. WILLEMSTAD - The inaugural flight from São Paulo to Curaçao was celebrated at the Curaçao...
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curacaochronicle.com
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Let's Cruise - Eastern, Western, Southern Caribbean...
Lets-Cruise.co is offering cruise vacations on the best and biggest cruise ships in the world with brand name cruises and destinations in the Eastern, Western and Southern Caribbean, Alaska, Europe and the Mediterranean, ...
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www.lets-cruise.co
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Multi-Million-Dollar Cocaine Shipment Seized in Caribbean
MIAMI, United States, Monday December 17, 2018 - The US Coast Guard and Caribbean Border Interagency Group (CBIG) law enforcement authorities have seized US$30 million in cocaine and apprehended three suspected smugglers in the Eastern Caribbean. ...
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www.caribbean360.com
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Why are Dominicans being attacked by a Special Police Gang?
By Kent Vital The Caribbean region and the world ought to be very alarmed by what is going on in Dominica! Caribbean and world leaders must intervene urgently before the situation gets to the point where peaceful protestors are slaughtered by the ...
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caribbeannewsservice.com
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Recent abuses of St Kitts-Nevis citizenship programme...
By Caribbean News Now contributor BASSETERRE, St Kitts - In his budget presentation in parliament last week, St Kitts and Nevis Prime Minister Dr Timothy Harris touched upon the abuses recently uncovered in the country's citizenship by investment ...
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www.caribbeannewsnow.com
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StMaartenNews.com Dutch News
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GroenLinks MP calls on government to regulate ecstasy...
The government should regulate the production of party drug ecstasy to remove it from the criminal circuit, GroenLinks parliamentarian Kathalijne Buitenweg says in Monday's Volkskrant. 'The government does not have to make the pills itself but...
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www.dutchnews.nl
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SXM Daily News - 17 Dec 2018
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Book your November trip with AirSXM
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Looking for a November vacation trip? Search for flights, hotels, car rentals and vacation packages online on AirStMaarten's booking site.
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