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FINSAC’s Legal department consists of a group of in-house legal counsel, with commercial and litigation experience, particularly in the banking sector. It provides legal advice to FINSAC as a whole and is responsible for the management and co-ordination of all legal work including:

• Heads of Agreements with institutions being intervened by FINSAC

• Financial Agreements for the provision of support to intervened entities

• Deeds of Assignment • Agreements for the Sale of shares from intervened entities

• Agreements for Realisation of assets acquired by FINSAC

The department works with the Non Performing Loans Unit initiating legal proceedings against delinquent borrowers where workout arrangements fail. It conducts the legal processes for realisation of security and examines all security documentation to ensure the security arrangements are sound. Tasks undertaken by the department during fiscal 1998/1999 included:

• Finalisation of FINSAC’s Agreement with NCB
• Finalisation of FINSAC’s Agreement with Citizens Bank Limited re Island Life Merchant Bank
• Finalisation of FINSAC’s Agreement with Inter-Continental Merchant Bank for assumption of liabilities by Citizens Bank Limited
• Finalisation of FINSAC’s Agreement with Citizens Bank Limited re Horizon Merchant Bank and other Horizon entities
• Re-transfer of Horizon non-financial entities to shareholder
• Monitoring of legal situation of Buck Securities Merchant Bank and Liquidator
• Appointment of Liquidator for Caribbean Trust Merchant Bank.
• Closure on several loans by collection of debt
• Sale of properties in realisation of mortgages