THE Bankers Association (BATT) is adopting a wait-and-see approach to the budget's promise of a new tax/levy on assets held by banks and insurance companies, according to a BATT statement on October 15.

Finance Minister Davendranath Tancoo on October 13 told MPs that banks and insurance companies have benefited from their own conservative lending practices plus TT's overall favourable monetary conditions, yet the average person still faces "unreasonably high fees and near-zero returns on their savings and investments."

Noting these organisations' large size, profitability and capitalisation, he said they have enjoyed "sustained earnings, high liquidity ratios and strong asset base growth."