By AVA TURNQUEST

Tribune Staff Reporter

aturnquest@tribunemedia.net

INVESTIGATORS have “some good leads” in their probe into suspected breaches of confidentiality at the Bank of the Bahamas, the bank’s managing director, Paul McWeeney, said yesterday.

Mr McWeeney declined to comment on claims that there have been mass withdrawals at the bank due to uncertainty over its fiscal performance, adding that he felt the biggest concern for the institution at this time was the investigation being undertaken by the Data Protection Commissioner.

Prime Minister Perry Christie yesterday restated the government’s support for the bank as the 65 per cent majority owner, assuring “its customers and the general public that their money is safe and secure”.

In a press statement, Mr Christie said:  “There is absolutely no reason for any fear or concern on that score. The bank is sound and solid. The bank has consistently received unqualified audit reports from its external auditors and like all other banks is closely regulated by the Central Bank of The Bahamas to ensure conformity with regulatory requirements and international standards and practices.”

It is the second statement in recent weeks to provide assurances over the bank’s fiscal stability.

Bank of the Bahamas (BOB) launched a probe last month to uncover whether there were any breaches in confidentiality following reports that alleged that the bank had given preferential treatment to politically connected clients.

In a statement, the bank said it felt compelled to respond because media reports had, it said, presented a “highly distorted, incomplete and inaccurate picture of the true facts.”

It added that the bank’s loss of $3.5 million last year, the first in 20 years, was not unique and that it is poised to see a return to profitability.

In an interview with The Tribune yesterday, Mr McWeeney said: “We’re not the only bank that has lost money, I don’t think the concern is that, I think the biggest concern is the breach of confidentiality, that is what people are concerned about. The matter has been turned over to the Data Commissioner.”

Mr McWeeney said the institution will have to wait for the outcome of the Data Commissioner’s investigation before attempting to mitigate any potential damage to public confidence.

Yesterday, Attorney General Allyson Maynard-Gibson declined to comment on whether the Financial Investigation Unit will investigate fiscal practices at the Bank of the Bahamas, stating that she was not familiar with the claims.

When asked whether or not there was an investigation currently underway, Mrs Maynard-Gibson said: “I would not be able to comment on that either, that is a matter for the police.”