Prime Minister Perry Christie
By KHRISNA VIRGIL
Tribune Staff Reporter
kvirgil@tribunemedia.net
PRIME Minister Perry Christie last night vigorously defended Bank of the Bahamas Managing Director Paul McWeeney, saying that the clearing bank grew impressively in several areas under his more than a decades long leadership.
Mr McWeeney submitted his resignation last month. It will take effect in June. He joined the Bank of the Bahamas (BOB) in 1993 and took over the leadership 14 years ago.
Mr Christie said he could not blame Mr McWeeney for resigning because he had been unfairly blamed for BOB’s problems over the last year.
He was referring to the Free National Movement, which has continuously been critical of operations at the bank and called for the firing of Mr McWeeney and the bank’s board of directors.
Yesterday the party continued its questioning of operations at the bank, with FNM Deputy Leader Peter Turnquest posing several questions to the government regarding Bahamas Resolve Ltd.
In November, the government – which is a 65 per cent majority shareholder of BOB – announced plans to strengthen the bank through the creation of Bahamas Resolve. It would take over $100 million in troubled BOB commercial loan assets, officials at the time said.
Yesterday Mr Turnquest claimed that the government had not been forthcoming about Resolve and its dealings.
This prompted Mr Christie to make a lengthy intervention about the bank during the evening session of the House.
Mr Christie attributed the trouble at BOB to the 2008 global economic recession. Nevertheless he said the bank’s losses did not begin until about two years ago.
He said: “So now that Paul McWeeney has decided to leave there are a couple of points I need to set the record straight on. Firstly under Paul McWeeney’s leadership at the Bank of the Bahamas, the bank grew impressively and he needs to be recognised for that.
“He joined the bank in 1993 following a successful career with the Chase Manhattan Bank both here and abroad. He was hired under the former Prime Minister and Minister of Finance the Rt Hon. Hubert Ingraham.
“When he joined the bank it had terminal assets of only $93 million. Under his leadership this number increased more than 10 fold to more than $900 million by 2012.
“In addition, the equity of the bank increased from only $11 million to a high of $142 million net income. Loans (went) from a mere $291,000 per annum to a high of $10.7 million resulting in dividends to the government alone to more than $15 million over the years.
“Job creation for Bahamians expanded dramatically as well. When Paul joined the bank it had fewer than 100 employees. Today the bank employs close to 350 Bahamians.”
Mr Christie added that the BOB also pioneered in many areas including the first bank to establish a stand alone credit card issuing and processing centre in the country along with introduce prepaid visa branded to the Bahamas.
During his spirited contribution, he also criticised the FNM for marching to BOB’s Shirley Street branch last week and holding a protest outside the location.
He again stressed that the party appeared to have ulterior motives over the BOB issues and was trying to “undermine” the integrity of a Bahamian owned bank.
“Mr Speaker, I ask the question, if there isn’t a hidden agenda somewhere to weaken the Bank of the Bahamas, that those who I describe as vultures can come swooping down to gobble it up? I can tell you this, Mr Speaker, as I stand here I want to be able to say the vultures will never succeed not while this government is in power.”
Mr Christie pledged that the government would work to strengthen the bank and “nurse is back to health.”
Comments
jlcandu 9 years, 11 months ago
Once again the PM proves he is living in another reality other than 2015 Bahamas. This bank should have been closed and the MD along with his management team should have been fired long ago. If this bank was not majority owned by the government, the Central Bank would have insisted it to be closed.
The PM only talked about the growth of assets in the bank, but failed to mention the liabilities. This useless bank had to be bailed out twice by the PM using the people's money, (ie) NATIONAL INSURANCE CONTRIBUTIONS, without our permission. This is scandalous!!!
There is no heinous and hidden agenda of the FNM. Like most thinking Bahamians, we want answers since the PM is using OUR MONEY for this bank on the brink of closure.
Do the Bahamas a favour Mr. PM and retire ASAP!!!!
Hey Birdie!!! Did you pay off your loan yet????
ted4bz 9 years, 11 months ago
PRIME Minister Perry Christie last night vigorously defended Bank of the Bahamas Managing Director Paul McWeeney, saying that the clearing bank grew impressively in several areas under his more than a decades long leadership. The PM needs a script."
But nonetheless he just confirmed what we been saying all along the way this country works. Imagine if the US or UK worked like this country. Believe it or not that's the way they run the country, just do something big to impress the highrollers and you Do whatever you want and get away with it (I'm public) and there is nothing no one can do about it. Isn't that something? First it was Pinder and now McWeeney, who is he looking out for?
I wonder can I really stand before a judge with this statement and get away with it?
vcurry 9 years, 11 months ago
I want to ask you, are you privileged to the information and financial reports that the Prime Minister has, as to what he is saying about the bank? We have to deal with facts not hearsay. England and the United States have their own problems. Banks and Institutions get bailed out many times by their government and the money is paid back by the bank with interest back to the government when it gets its footing. Another thing, if I did not like the way that the government is running things, I would make run for office and make a positive change. We don't know until we get inside and sit in that chair. From the outside we have all the solutions and fulfillment of promises made. But, when you get there and your are being bombarded left to right and trying to fix unfinished issues that was left by the former cabinet ministers. I expect to be voting for you soon.
ThisIsOurs 9 years, 11 months ago
Sounds like a Ponzi scheme...they grow and grow impressively too ... until somebody tries to cash in chips or say a financial collapse and there's no new money to cover the criminal lending practices
Well_mudda_take_sic 9 years, 11 months ago
Articles published in The Punch in December 2013 informed the Bahamian public that BOB had made the following loans and advances connected to political friends and cronies of Mr. Christie:
$28 million to Leslie Miller and/or entities owned by him and/or members of his immediate family.
$3.5 million to Obie Wilchcombe & Pleasant Bridgewater re. Universal Distributors Bahamas Ltd., a company apparently now defunct for all intents and purposes.
$8 million to another senior PLP cabinet minister.
$6.3 million to PLP business woman Patricia Mortimer who purportedly is a best friend and business partner of Lady Poodling and the owner of several shops at Nassau International Airport.
$2.3 million re. GEMS Radio Station which at the time was owned by Debbie Bartlett and Cyprianna McWeeney, the latter being the wife of PLP lawyer Sean McWeeney who is the brother of Paul McWeeney.
$4.5 million to enterprises owned/controlled by Edward Penn.
$4.6 million to Phil Lightbourne re. Phil's Food Services (Phil Lightbourne was the front man and spokesman for Ben Frisch who owned Bahamas Food Services up until the PM allowed the Frisch Family to sell it to Sysco Foods (a large U.S. public company) in April 2013.
Most of these loans and advances had to be fully provided for and may have since been written off by BOB at the people's expense. Small wonder the PM is now singing sweet accolades about McWeeney for having so handsomely rewarded the PM's political friends and business cronies!
mangogirl01 9 years, 11 months ago
Wow! Its good to keep records. The senior PLP cabinet minister is Brave Davis who got that $8 million! Did you really meant to type 'Lady Poodling'?
Well_mudda_take_sic 9 years, 11 months ago
I recollect the PM also being only too quick to come to the defense of tax dodgers and dead beat debtors like Ishmael Lightbourne and Lady Poodling. The PM has a twisted moral compass by any standard and its absolutely frightening to think he has cabinet responsibility for our country's finances as Minister of Finance.
realfreethinker 9 years, 11 months ago
Well mudda take sick you are so right. I wish he would just vanish from the scene .
duppyVAT 9 years, 11 months ago
Is the Prime Minister this dumb or is this a criminal coverup
TalRussell 9 years, 11 months ago
http://tribune242.com/users/photos/2015…
BahamaPundit 9 years, 11 months ago
I am speechless. All I have left to say about this man is: scoundrel, scoundrel, scoundrel! Or, in the words of my departed uncle, "Out, damned spot! Out, I say!"
This PM has passed his expiration date. He is spoiled goods.
TalRussell 9 years, 11 months ago
Comrade I know they say the PM serves at the pleasure of Her Majesty but Her Majesty and the Governor-General, both serve at the pleasure of a majority of House MP's votes. That majority can come from or be denied, by House PLP's, FNM's or Independents. A PM's party cannot rescue or fire a PM cuz they have no votes when it comes to, if a sitting PM stays or goes. There is about to be some walking(s) to cross over/ sit as a Independents in Honourable House, real soon.
John 9 years, 11 months ago
WHEN BARAK OBAMA stood up to give the state of the nation address two nights ago the main message he sent to the Republicans, who now control the house and the senate, is that he is still," the head nigga in charge!" And despite his pomp and cockiness Obama had every right to say what he said. You see America is in one of their best economic seasons in over a decade. Gas prices are down by 50% and the supply is plenty, employment is up above pre-recession levels, American business, including the automoblie and banking industries that Obama bailed out, are booming, the stock market is continuing to set new records and American confidence has been restored. CRIME and the number of persons going to jail in America is down! So when OBAMA stood up and said if they send any bill across his desk that attempts to undo the policies he put in place to get the economy going or to unravel Obamacare, he will veto them. He knew he has the nation rallying behind him and he was not speaking for himself. Unlike Christie, OMAMA believed in the American people and the American worker and the American industries. He sought to fix the things that were broken in America. Christie sought to go abroad to find solutions for the Bahamian problem. His government is rocked with scandal after scandal, scam after scam. So while OBAMA saw his economy get better and his employment rates go up and his need to tax the working class American diminish Christie is plagued with a stagnant, if not sinking economy, the unemployment rate is higher now than when he took office and yes, he has to saddle the Bahamian people with the VAT(ican) tax. CRIME is still the order of the day and many criminal roam around free on bail. If Christie had put as much trust in his family (nepotism) as he did with his cronies, then maybe he would not be in this predicament. You see Christie is related to the McCartney's, The Allen's, The Carey's The Thompson's who all are industrious people, hardworking and full of entrepreneurial spirit. Even if he had gone to some of them for advice. But half way through his second term, he has ignored them again. They and the people of South Eleuthera continue to suffer. How long now o prime minister?
Sickened 9 years, 11 months ago
He said: “So now that Paul McWeeney has decided to leave there are a couple of points I need to set the record straight on. Firstly under Paul McWeeney’s leadership at the Bank of the Bahamas, the bank grew impressively and he needs to be recognised for that.
EmphasisIsn't BoB the same bank that got kicked out of the U.S. for doing crap???*
When he joined the bank it had terminal assets of only $93 million. Under his leadership this number increased more than 10 fold to more than $900 million by 2012.
Didn't most of this money come from the numbers bosses' criminal proceeds???
SP 9 years, 11 months ago
......................................................... Headline Translation ...........................................
Pm Defends Himself, Shipload of Pirates Dem And Crooked Bank Chief
licks2 9 years, 11 months ago
Is it truth that PMS is a trained chef. . .TELL MA TEEN SO PEOPLES!
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