JAMAICA | PNP's Julian Robinson demands long awaited FINSAC Report

KINGSTON, Jamaica, October 20, 2024 - In a scathing indictment of governmental ineptitude, the People's National Party (PNP) Spokesman on Finance, Julian Robinson, has lambasted the administration's mishandling of the FINSAC Commission, branding it a "travesty of accountability and good governance."

The Commission, established to investigate the financial crisis of the 1990s, has become a glaring example of bureaucratic incompetence and fiscal irresponsibility. Despite burning through over $200 million of taxpayers' money, it has failed to produce its long-promised report, leaving Jamaicans with nothing but an incomplete archive and a trail of broken promises.

"After more than $200 million of taxpayers' money was spent on this commission, the Jamaican people are left with an incomplete archive and no final report, almost 15 years later," Robinson declared, his words cutting through the veil of governmental excuses.

The FINSAC Commission's original mandate was to scrutinize the collapse of parts of the financial sector, particularly the inadequately capitalized and, in some cases, recklessly managed locally-owned banks and insurers. Its goal was to implement safeguards to prevent a recurrence of such a financial meltdown. However, this noble intention has devolved into a quagmire of delays and obfuscation.

Adding fuel to the fire of public skepticism, key documents, including crucial forensic audit reports, are conspicuously absent from the archive. This omission raises alarming questions about the Commission's commitment to transparency and its true intentions. "The absence of these reports raises serious questions about transparency and accountability," Robinson pointed out, echoing the frustrations of many Jamaicans.

The saga of the FINSAC report has become a political hot potato, with promises made and broken with clockwork regularity. In 2017, then Finance Minister Audley Shaw assured the public that the report was merely three months away. Seven years on, this assurance rings hollow, joining a litany of unfulfilled pledges.

"In the opening of the 2018/2019 budget report, Shaw stated that 'the long-awaited FINSAC report will shortly be sent to the Governor General and tabled in Parliament.' It is 2024—six years have passed, where is it?" Robinson demanded, his question hanging in the air like an indictment.

The financial implications of this debacle are staggering. In 2015, FINSAC Commissioner Charles Ross requested additional funds, claiming, "the bulk of the money will be used to cover the cost of producing the final report." Nine years later, the public coffers are lighter, but there's no report in sight.

Robinson didn't mince words in his assessment of the situation: "This represents a clear case of mismanagement, waste, and the misuse of taxpayers' money to fuel a finger-pointing exercise in an election year, driven by political opportunism rather than truth and transparency."

As the FINSAC Commission fiasco continues to unravel, the PNP has thrown down the gauntlet, demanding the immediate release of the full report. The message is clear: no more delays, no more excuses. The Jamaican people, long accustomed to political smoke and mirrors, are demanding answers and accountability. The government's response to this clarion call may well shape the political landscape in the coming months.

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