The Editor, Sir:

We noted your editorial in The Gleaner of 9 June 2008, titled "The PIOJ and Gov't's trek uptown," with its reference inter alia to the Exim Bank ... "On the other side of Oxford Road ... paying rent for the privilege of being uptown. It was recently looking for property to buy."...

The EXIM Bank thanks you for your perspective and continued insistence on good corporate governance, a sentiment which we endorse in its entirety.

We are not in a position to comment on the PIOJ's decision on its corporate headquarters. However, we would point out that the EXIM Bank took the strategic decision in 2004 to acquire its own premises and cease paying rent as it had been doing for the previous 18 years since inception.

Basis for decision

This decision was based on the net benefit assessed from our cost-benefit of continuing to pay rent versus making the investment decision to own. Uptown versus downtown was not one of the decision criteria but moreso, cost per square foot; convenience; security and availability of parking.

Identification of appropriate and adequate premises took some time. However, when the EXIM Bank moved to Oxford Road in October of last year, we moved into premises wholly owned by ourselves, on which we pay neither rent nor mortgage.

I am, etc.,

MEGAN DEANE

Deputy Managing Director

National Export-Import

Bank of Jamaica Limited

11 Oxford Road

Kingston 5