The Credit Reporting Bill which seeks to enable a more reliable and responsible credit lending while protecting competitive borrowers’ rights, was referred to a Special Select Committee on Thursday evening during the sitting of the National Assembly.During his presentation of the Bill to the House,Eddie Vanderdoes Raiders Jersey, Minister of Finance, Dr. Ashni Singh,Brad Kaaya Lions Jersey, noted that the Bill represents another installment in Government’s efforts to strengthen and modernise the financial system.While the Bill was being presented, only two members of the opposition were present— GAP/ROAR Everall Franklin, and AFC’s Sheila Holder.Dr. Singh noted that the government has recognised that a strong, stable and sound financial system which is responsibly managed and well regulated is critical if Guyana is to realise sustained economic development.“Such a system is indeed a prerequisite to mobilising saving and private investment by the private sector and we have sought over the years to ensure the establishment of a legal and institutional framework that would facilitate the growth and development of such a strong and stable financial system.”The Bill provides for the licensing of credit bureaux by the Bank. It stipulates that only a locally incorporated company limited by shares, whose activities are restricted by its articles of incorporation to carrying on the business of a credit bureau would be eligible to conduct the business of a credit bureau.According to Dr. Singh, a robust framework exists under which the financial system operates due to a number of legislations that were implemented. Due to the legislations,Douglas Barcelona Jersey, Guyana has witnessed striking growth in the banking sector, Dr Singh added.He told the National Assembly that growth assets of the banking system moved from $100.5 billion at the end of December 1998 to $232.6 billion at the end of December 2008. This is an increase of 131 percent in the growth of the banking system, he said.Total deposits for that period increased from $76.6 billion to $196 billion. Total loans increased from $51.6 billion to $86 billion while investments jumped from $18.3 billion to $87.7 billion.Capital and reserves increased from $10.6 billion to $20.7 billion. Profitability ratios improved with return on assets moving from 1.6 to 2.4 percent and return on equity improving from 14.1 percent to 27.2 percent.According to Dr. Singh, at the same time,Patrick Mahomes II Chiefs Jersey, the access of Guyanese to the formal financial system has increased.He explained that between January 1999 and December 2008,Evan Engram Jersey, 11 new bank branches were established and at the end of September last, it increased to 27 while the number of ATMs increased from 35 at the end of 2001, to 71 at the end of September 2009.According to the Finance Minister, over the past ten years, Guyana’s economy had recorded a steady real growth as the Gross Domestic Product (GDP) increased from $124 billion in 1999 to $236 billion in 2008.Foreign direct investment has increased from US$46 million in 1999 to US$179 million in 2008 as external public death has been reduced from US$1.2 billion at the end of 1999 to US$834 million at end of 2008.Net international reserves increased from US$127 million at the end of 1999 to US$299 million at the end of 2008.Dr. Singh pointed out that in the midst of financial turmoil around the world; Guyana’s financial system has remained strong,Jamal Adams Jersey, liquid and vibrant.He noted that the government recognised that the productive sector continues to regard access to financing as a constraint to expansion and as such he is convinced that the ease of access to credit by small businesses throughout Guyana will be enhanced with the establishment of a credit reporting industry.Minister with responsibility for Trade, Manniram Prashad, in expressing his support for the Bill, pointed out that anyone going to a bank, a trust fund or insurance company for a loan will be able to immediately get their application processed as long as the credit bureau is in operation and can provide immediate information on credit rating.He noted that waiting time would be reduced and there will be minimum awkward questions asked.Minister Prashad said the bill seeks to provide for the establishment of a credit reporting industry which will facilitate the provision of information about potential debtors to creditors from a credible sour