Finsac Information

2. FINSAC serves as the executive arm of the Ministry of Finance and Planning in which Government strategy will be planned and through which the interventions of various agencies (specifically the Bank of Jamaica (BOJ) and the Superintendent of Insurance) will be co-ordinated. 3. Through FINSAC, the Government will provide financial assistance to the sector and, therefore, FINSAC will have the accountability for the spending of such resources provided to it directly or guaranteed by the Government. 4. Through FINSAC, the Government will provide guidance and technical assistance to the financial sector. It may mobilize and deploy external technical and managerial support for the restructuring of intervened institutions. 5. FINSAC will sponsor and/or undertake diagnostic studies of the overall health of the financial sector with specific focus on the institutions which require assistance. 6. FINSAC will assist institutions in developing workout plans, where necessary, to return them to viability. Such plans will form the basis for the conditions which FINSAC will attach to financial assistance. FINSAC will monitor the implementation of such plans on a continuing basis and will evaluate their effectiveness in achieving their specified objectives. It will inform and co-ordinate the inputs of FINSAC's board members of intervened institutions on issues considered essential to the viability of the financial sector. 7. Based on the experience gained in its work, FINSAC will advise the Government on the prudential regulation of the sector and on the renewal, suspension and revocation of operating charters of individual institutions within the sector. FINANCING OF FINSAC