The successful divestment of FINSAC’s major shareholding in Life of Jamaica and in National Commercial Bank in fiscal 2002 represents an outstanding achievement in the accomplishment of FINSAC’s mandate.

Another major milestone in the achievements of FINSAC, was the sale of its No n - Performing Loan portfolio to the Jamaican  Redevelopment Foundation, a subsidiary of Beal Bank in Texas, under creative arrangements which enabled FINSAC to optimize the returns arising from this divestment.

Our mandated task, expected to take some seven years, is now virtually complete in five short years. This is a wonderful accomplishment, of which every individual who has worked at FINSAC should be justly proud.

The accomplishments of FINSAC are in no small measure to be attributed to the vision which inspired its creation and to the dedicated band of talented people who relentlessly pursued the successful completion of this mission.

On behalf of the Board of Directors, I wish to record our grateful thanks for a job well done. In this regard I must also pay tribute to my colleagues on the Board of Directors of FINSAC, who truly regarded the opportunity to serve as the highest form of national service.

In particular, great praise is due at this juncture to FINSAC’s Managing Director. It is hard to imagine that anyone could have achieved what Patrick Hylton has achieved in so short a period of time. Jamaica most certainly owes him an enormous debt of gratitude for his hard work, his tenacity and above all, his vision.

As FINSAC prepares to wind up its highly successful operations to reform our island’s financial sector, praise and thanks are also appropriate at this time to our first Chairman and founding father, Dr. Gladstone Bonnick, who laid down the principles by which FINSAC has worked, and who first drew up a roadmap of how to get to our destination and achieve our goals.  Personally, I am very proud and honoured to have served as FINSAC’s Chairman during this historic period in Jamaica’s economic recovery, and I would like to take this opportunity to thank Jamaica for this great privilege.

Dr. the Hon. Kenneth Rattray, O.J., Q.C.
Chairman

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