PM promises disclosure on bank and resolve

Prime Minister Perry Christie.

As of Thursday, February 2, 2017

By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

PRIME Minister Perry Christie last night said the government would soon make a full disclosure on the current affairs of Bank of The Bahamas and Resolve Bahamas.

Firing back at suggestions that such a disclosure would not come before the upcoming general election, Mr Christie said: “The elections are not in the near future.”

He made the declaration during the evening session of the House of Assembly.

“Let me say that we are just about ready to come to parliament with respect to Resolve, its operations and with respect to the Bank of the Bahamas (BOB). We are going to make a full disclosure as to the current affairs and the outcome of Resolve,” he said.

Resolve is a state-owned and controlled company that was established in 2014 to assume liability for $100m of BOB’s non-performing commercial loans.

At the time, BOB had incurred losses in the previous two years, with its most recent quarterly report noting that its shareholders incurred $4.172m in “red ink”.

viewersmatters 7 years, 9 months ago

What haven't the PM promised? Like the boy who cried wolf

Honestman 7 years, 9 months ago

"PRIME Minister Perry Christie last night said the government would soon make a full disclosure.........."

Sorry, I stopped reading after that.

TalRussell 7 years, 9 months ago

Prime Minister, might you be reminded that the public shouldn't have to wait for you to "soon make a full disclosure on the current affairs of the Bank of The Bahamaland and Resolve Bahamaland" - when there are strict Banking Reporting Regulations and Shareholder Reporting & Financial Regulations in place that the media have been reporting are not being followed over the the BOB.
The public believes there to be serious problems at BOB and had the government not steeped in to absorb bad loans that should have never been made to the politically favoured - the damn bank's front door would have been padlocked by insolvency agents.

banker 7 years, 9 months ago

More dead good news, just like the announcement that Baha Mar had been SOLD. The only selling, is Crisco Butt is selling the Bahamians a bill of goods.

hallmark 7 years, 9 months ago

How many issues that is now that Christie has promisde to soon make full disclosure about?

sheeprunner12 7 years, 9 months ago

Perry says that every time the FNM protest the PLP lack of transparency ........ and Perry never disappoints his opponents ............. BAMSI fire & contractors, Carnival accounts, UR2.0 slush fund, BPLcontracts, Bahamar sale, GBPA deal, BTC2%, Clico, RenewBahamas, Bahamasair loan, public accounts committee queries, RUBIS, "buddy"Lightbourne's property taxes, Nygard beach deals, LadySLOP bills etc ........... has he ever accounted for anything as Minister of Finance???????????? .................. Perry deserves to be locked up in Fox Hell Prison

viewersmatters 7 years, 9 months ago

Latest promise is this and the seal deal of baha mah to be unseal prepare for lots more promises, if his bites or suck his lips while promising he's lying once again so watch the biting of the lips

bogart 7 years, 9 months ago

Very good for the Prime Minister to get involved. Apparently none of the political candidates has the knowledge or fortitude to tackle this issue involving the people's money but yet want to be elected to be the next government managing an eight billion economy. Mr. Prime Minister please look into how many persons qualified for loans by examining the TDSR total debt service ratio to ensure that the mortgagor had the ability to service the repayments totaling 45% of their income and that the officer ensured that the remaining 55% of income was sufficient to allow the customer to survive. Please ensure that a quick test of the accounting shows that what the customer says they do not spend should show in assets accumulated in a balance sheet. If not then look into extraordinary expenses which could have depleted assets which could have been shown. Mr Prime Minister please also check that the Bank officers did not just give out loans without thorough checking and as a fiduciary duty to their customers who paid a bank fee for this service as many Bahamians would have gone to make such a large decision for the first time and expected that the bank and officers and policies were there to help them for success. Mr Prime Minister also check into officials and officers who were privy to these accounts and if lack of action on their part is noted then they should also be accessory and liable. There must be a public enquiry. Mr Prime Minister it is hard to believe that to date noone has been punished or fired. Noone believes that the computers are to be blamed. These are some very simple and basic stress checks. Where bankers and management are guilty they should be punished as they are in our neighboring banks in the United States.

Sign in to comment

OpenID

The Tribune