IT HAS been brought to the attention of the Ministry of Finance and Planning that local investors have not been credited with interest on the Government of Jamaica's US$225 million, 12.75 per cent Notes due 2007.
Interest was due on March 1, 2001. The Government made payment to the Paying Agent, Bankers Trust Company New York (Bankers Trust), on February 26, 2001, in conformity with the stipulations of the Agreements.
Bankers Trust confirmed receipt of funds and subsequently credited the account of the Depository Trust Company of New York (DTC), the clearing house. DTC should in turn have credited Euroclear, the settlement agency, for payments to Euroclear account holders. Local investors who are not participants in the Euroclear system would be credited by investment houses, through which the securities were purchased.
While the Government has fulfilled its requirements under the agreements, every effort is being made to ascertain the reason for the delay.
