Central Bank of Trinidad and Tobago Circular on Supervisory Fees and Charges Regulations 2011

CENTRAL BANK OF TRINIDAD & TOBAGO Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 625-4835; 4921; 5028; Fax: (868) 627-4696 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt

September 13, 2011

CIRCULAR LETTER TO ALL FINANCIAL INSTITUTIONS LICENSED UNDER THE FINANCIAL INSTITUTIONS ACT, 2008

REF: CB-OIFI-2224/2011

The Central Bank (Payment of Supervisory Fees and Charges) Regulations, 2011

The Central Bank of Trinidad and Tobago (the Central Bank) wishes to advise that the Central Bank (Payment of Supervisory Fees and Charges) Regulations, 2011, (the Regulations) was made by the Minister of Finance pursuant to section 60(6) of the Central Bank Act on August 12, 2011. An electronic copy of the Regulations may be accessed on the Central Bank's website via the link http://www.central-bank.org.tt/content/cost-recovery.

In accordance with regulation 16, the Central Bank will issue, by November 11, 2011, a written notice to each regulated person setting out the supervisory fee payable in respect of the fiscal year ending September 30, 2012. The licence fee, as well as the costs attached to the Office of the Financial Services Ombudsman, where applicable, will also be included in the written notice. The fees and costs shall be paid in two installments due January 31, 2012 and June 30, 2012.

Please note that payment can be made by cheque payable to the Central Bank of Trinidad and Tobago. Alternatively, the Automated Clearing House (ACH) facility may be utilized for payments up to $499,999.99 while payments over $500,000 may be done via the Real Time Gross Settlement (RTGS) System. Alternatively, in accordance with Regulation 17 a financial institution licensed under the Financial Institutions Act, 2008 may authorize the Central Bank to deduct any supervisory fees payable from the monies held in its Reserve Account.

The Central Bank wishes to place on record its appreciation for the role you played in the consultations which led to the finalization of the Regulations and looks forward to your continued co-operation in this exercise.

Kindly acknowledge receipt of this letter by signing and returning the attached copy.

Yours sincerely

[Signature]

Carl Hiralal INSPECTOR OF FINANCIAL INSTITUTIONS