Port of Spain a shopping and business centre for much of the country. Most government offices are also located in the city and many important government services can only be accessed in the Ministry offices located downtown. Within recent years, local banks headquartered here have helped it become a financial centre for the Caribbean and Central America region. Two of the largest banks in the Caribbean, Republic Bank, Trinidad and Tobago Limited and Royal Bank of Trinidad and Tobago (RBTT, reacquired by the Royal Bank in 2008) are headquartered here or base their Caribbean operations in the city. Trinidad's economy is based on
Port of Spain or planned. Port of Spain is administered by the Port of Spain City Corporation. There are 12 councillors and 4 aldermen. The mayor is elected from the membership of the council. The council is presided over by the mayor, who is effectively the chief custodian of the city. It formulates policy and gives direction for the running of the city through a number of standing committees which each meet at least once per month. Decisions are then ratified at the statutory meeting of the council, which takes place on the last Wednesday of each month. The policies and directives of