The implications of the financial-economic crisis for the financial services industry

Presentation: Globalaw Americas Regional meeting Hotel Hyatt Regency Curacao

June 11th , 2010Drs. A.G. Romero

Executive director Bank van de Nederlandse Antillen

Challenges for the local financial sector.◦ GDP growth 1%◦ Unemployment rate drops to 10%

World economic and financial environment.◦ World Economic outlook◦ Performance selected countries ◦ Dow Jones industrial avg. New York◦ AEX Amsterdam◦ Euro dollar exchange rate

Agenda:

Financial services represent 16% of the economy

16% employment created in the sector Average of 11% foreign exchange earnings

Importance financial services industry in Curacao

Adherence to budgetary norms and corporate governance rules

Maintaining the financial services industry flexible and transparent

Transparency and information exchange standards

Reduction corporate tax rates Flexiblisation of labor market laws

Challenges for the country Curacao

China

USA

Greece

Portugal

Italy

Spain

Euro – dollar exchange rate Q1 2001 – Q2 2010

Gold World spot prices (in USD)

AEX index Amsterdam Q4 2008- Q2 2010

AEX AmsterdamQ2 2007- Q2 2010

Dow Jones Industrial Avg. (New York)Q4 -2008 - Q2 2010

Dow Jones Industrial Avg Q2 2007- Q2 2010