The Editor, Sir:

We refer to the article titled 'NCB stifling under corporate loan restrictions' in the Financial Gleaner dated January 4. The report is in some respects misleading and does not accurately reflect the context of the statements made by our head of corporate banking, Marjorie Seeberan. We are therefore severely alarmed by the negative innuendoes and inferences that were suggested. Our most significant issue with the article is the fact that Mrs. Seeberan did not imply that NCB was "stifling" under corporate loan restrictions or that she was calling for an ease of banking regulations.

For the record and in the spirit of striving for balanced and factual reporting, we wish to make the following clarifications for your readers. Mrs. Seeberan had over 30 years' experience as a banker in North America before returning to Jamaica some five years ago. She was asked (we emphasise) by your reporter to comment on the differences she had observed between the overseas and local lending environment, and did so.

Concern

We are also extremely concerned with the article's suggestion that NCB is at variance with its regulators on the proper scope of regulation in Jamaica. This is not so. NCB refers to the strength of Jamaica's financial regulatory regime as one of the strongest selling points in our regular discussions with overseas rating agencies and correspondent banks. Our relationship with the regulators is such that ongoing dialogue is always facilitated and we find them to be responsive and reasonable.

We must also point out that NCB continues to lead the industry in terms of loan growth, while its delinquency is well within international standards.

I am, etc.,

SHEREE MARTIN (Mrs.)

Head of NCB Group Marketing &

Communications