U.D.P. Questions Sudden Termination of Central Bank Governor

Gustavo Manuel Vasquez

The abrupt and unceremonious departure of Central Bank Governor Gustavo Manuel Vasquez on August thirteenth raises many questions about whether due process was followed in terminating his appointment as chief financial regulator.  On Friday, Vasquez informed members of staff that he was being removed from the post which he has held since being selected to succeed Ambassador Joy Grant in April.  While little has been said by the Briceño administration to shed further light on what has transpired at the country’s leading financial institution, the United Democratic Party is questioning Vasquez’s firing.  After all, Vasquez, who is eminently qualified, having established himself in the financial sector elsewhere, was on the job for less than six months.  This morning, during a lengthy press conference, former Attorney General Michael Peyrefitte highlighted a number of concerns surrounding Vasquez’s termination.  He began with the stipulations under the Central Bank Act.

Michael Peyrefitte

Michael Peyrefitte, Former Attorney General

“So this news that came on Friday, that he was terminated, well I was interested to know, well why, because if he was terminated then according to the Central Bank Act, there must be some reason.  When you are a member of the Central Bank board, like a director or a governor, the only two things that disqualify you is if you become a member of the National Assembly or if you become a director, officer or other employee of a licensed bank or licensed financial institution.  Is that what happened and then Governor Vasquez then became disqualified?  We don’t know.  If there was a termination by the Governor General, has anyone seen the termination letter? Only the Governor General can terminate the appointment of the governor and that has to be because of the two reasons that came about: National Assembly or director of a financial institution.  I haven’t gotten any indication that Mr. Vasquez will be appointed a senator, so I don’t know if that’s the cased.  If he becomes the subject to any of the disqualifications above, if he becomes a bankrupt, an insolvent, compounds with his creditors or benefits under the law for the relief of a bankrupt or makes any assignment in whole or in part of his income for the benefit of such creditors.  Is that what happened, has Mr. Vasquez become a bankrupt? We don’t know.”