 Stakeholders from the banking, cooperative and credit union sectors joined officials from the High Court and the National Competitiveness and Productivity Council, NCPC, to agree on the transition date for the security interest in movable properties registry. Lisa Flora Montout is the director of the NCPC. Well, the NCPC is really excited as the main collaborator for the collateral registry to see so the large turnout today from the various financial sectors in our discussion for the transitional period. So we're hoping at the end of this exercise that we will reach a consensus on the transition period that all will be agreeing on. The transition period will allow the financial institutions to migrate their existing securities from their current system to the new security interest in movable properties registry. The registry system will be housed and managed by the High Court. Daniel Francis is the registrar at the Eastern Caribbean Supreme Court. I think the session went extremely well. It was quite engaging and I do think there's a general sense of excitement from the financial institutions and the credit unions about the introduction of the system. They've seen, well, at least in paper thus far, what the system is designed to achieve, what the issues that the system is designed to address. And I can safely say that we seem to have some considerable consensus on moving together in achieving this registry system. Senior country lead at Republic Bank, Gisela Clarkston, and the general manager at the Library Credit Union, Lucius Elevic, provided feedback on the stakeholder engagement session. Well, today's an excellent session for the collateral registry. We wanted to clarify exactly how it's going to work, what are the mitigating factors of making that system work efficiently. So today it's very informative. It provides clarity on how exactly the public is going to benefit from this and us as a financial institution to ensure our security is registered. On a comparative analysis, I think it offers both efficiency and effectiveness when compared to what presently obtained. One of the things we were talking about is the ability to search. Presently the ability to search, effectively search the current system is quite limited and we think that would be a great advantage in terms of it falls both under the category of effectiveness and efficiency. And the other question of the costs. The cost per transaction, I think we are suggesting a really reasonable cost. So I think for our members and consumers, it would then make this kind of transaction definitely cheaper and beneficial to our members. This stakeholder engagement allowed the officials from the NCPC and the High Court to address many of the questions and concerns from the financial sector representatives concerning the transition period to the security interest in movable properties registry. Well, I think the primary concern that came out of today's discussion was the preservation of the rights of the creditors whilst we transitioned from one system to another and whether there would be any potential for them to lose what we call their order of priority in making that transition. But luckily enough through the legislative process and a lot of the other underpinnings of the system, those rights are preserved and maintained so that the institutions need not worry about a loss of any right or priority in transitioning over. The launch of the security interest in movable properties registry is set for November 29, 2023 with a transition period of one year. This is to allow all existing securities to be migrated to the new security interest in movable properties registry. For the National Competitiveness and Productivity Council, Glenn Simon reporting.