THE INSTTUTION REFERRED TO ABOVE IS A LICENSED SECURITY DEALER AUTHORIZED BY THE GOVERNMENT TO DEAL IN GOVERNMENT BONDS AND OTHER INVESTMENT GRADE INSTRUMENTS. AFTER IT BECAME INSOLVENT THEY ADVISED THE AUTHORITIES THAT THE COMPUTER FILES WERE INADVERTENTLY LOST AND THERE WERE NO BACK UP FILES WHATSOEVER.

I USED TO BE IN THE FINANCIAL INDUSTRY AND BACK THEN IT WAS NORMAL FOR ALL OF US TO MAINTAIN IN-HOUSE AND OFF- SITE BACK-UP, THE LATTER BEING NECESSARY IN THE EVENT OF A MAJOR CATASTROPHE. THE THINKING BEING THAT IT WAS UNLIKELY FOR TWO LOCATIONS TO BE DESTROYED AT ONCE.

RESULTING FROM THIS NO ONE NOW KNOWS EXACTLY HOW MUCH OF DEPOSITORS FUNDS WERE BEING HELD BY THE INSTITUTION. THIS IS MORE THAN GROSS DEGLIGENCE IN MY OPINION, BUT NOT EVEN THE LOCAL FINANCIAL SERVICES COMMISSION APPEARS DISTURBED BY THE FACT THAT AN INSTITUTION CHARGED WITH THE IMPORTANT FIDUCIARY RESPONSIBILITY OF BEING TRUSTEES FOR PUBLIC FUNDS IS NOW ABLE TO ACCOUNT FOR EVEN ONE RED CENT.

I WOULD APPRECIATE IF ANYONE CAN SAY WHETHER IT IS CUSTOMARY AND OR MANDATORY  FOR OFF-SITE BACK OR ANY BACK UP OF FILES FOR FINANCIAL INSTITUTIONS. I AM TALKING ABOUT FOUR BILLION JAMAICAN DOLLARS OR ABOUT FORTY MILLION U.S DOLLARS WHICH IS FELT TO BE LOST BUT THIS FIGURE MAY BE FAR MORE AS IT IS BASED ON CUSTOMERS WHO HAVE SO FAR COME FORWARD WITH POSITIVE PROOF OF DEPOSITS WITH THE BANK.