The Caribbean Group of Banking Supervisors (CGBS) was established in 1983 under the aegis of the CARICOM Central Bank Governors, with the specific mandate to enhance and coordinate the harmonization of the bank supervisory practices in the English speaking Caribbean, with a view to bringing them in line with internationally accepted practices. The CGBS was later expanded to include non CARICOM territories and has been formally accepted as a regional grouping under the Basel Committee for Banking Supervision. The CGBS membership presently comprises banking supervisors from sixteen regional jurisdictions (including CARICOM and non-CARICOM countries) as listed below. The most recent member admitted is the International Financial Services Authority (Saint Vincent & The Grenadines) who was accepted on 19 November 2010.
The Chairmanship of the group rotates among the different CARICOM Central Banks. In each case, the Chairman assumes the lead role in maintaining interface with the Basel Committee on various technical issues as well as with international regulatory agencies on relevant matters including the planning and organization of various training courses for the benefit of all member countries. Jamaica assumed the chair under a term scheduled to end 2015.