Thursday, January 15, 2015
By RASHAD ROLLE
Tribune Staff Reporter
rrolle@tribunemedia.net
PRIME Minister Perry Christie suggested yesterday that the Free National Movement has an ulterior motive in raising alarm about the Bank of the Bahamas, saying the party is “being used by others.”
Mr Christie, who made the statement while speaking to reporters outside the House of Assembly, did not give further details on the matter.
However, during a point of order in the House of Assembly later in the day he asked: “(Is the FNM) trying to force the sale of the Bank of the Bahamas to someone who wants to buy it? Name who they want to do it for.”
He also revealed in parliament that Bahamas Resolve, a government-owned company established to go after $100m of BOB’s transferred, toxic commercial loans, has already reaped “millions.”
Mr Christie was reacting to the opposition’s demonstration yesterday morning outside the bank’s Shirley Street location amid the party’s expressed concern about the bank’s management team.
Mr Christie said the opposition’s attempts to undermine BOB are misguided.
“I think (the FNM) must know that the people of the Bahamas owns 65 per cent of the bank,” he told reporters. “I think they should know banks become challenged, particularly when political figures decide it’s so easy to undermine the bank. For me, they must use better judgment than that because we are committed to getting that bank to survive and we are feeling good about where we are with respect to the bank. I’m feeling good about (Bahamas) Resolve, I’m feeling good about the work that is being done. I feel we will be able to show real progress in terms of the $100m (in bad debt) that we took off the bank.
“Those are matters that we are accountable for.”
Mr Christie said the FNM would be better served using its time to get information from the government about BOB instead of attempting to “undermine the bank.”
“We want that bank to succeed because it’s owned by the Bahamian people and other shareholders and it would be a foolish assumption that you could gain some political leverage by causing that bank to be diminished in the eyes of people,” he added. “I don’t understand it, quite frankly, and I think they are dead wrong on that matter and whenever I have an opportunity, I will tell them that. Look, it’s their politics and my knowledge and sense is they have another – they’re being used by others.”
Mr Christie emphasized that the government established Bahamas Resolve on the advice of experts, adding that it did so to ensure the bank conforms to central bank requirements.
“The financial system of the Bahamas and the banking order of the Bahamas is based on confidence being disposed in the bank,” he told the House. “At the present time the decision (to establish Bahamas Resolve) is being justified. Millions of dollars have come back in to Resolve and businesses are being resuscitated and they are making it work and yet we are going to be accountable to disclosing what is happening.”
He added: “If the opposition wanted to conduct themselves responsibly and access the minister of finance, they could be informed of what they want to be informed of. But if they want to play in a public, political way, and demonstrate, I ask, who are they demonstrating for? What is the outcome they would wish to happen for the bank? (Is the FNM) trying to force the sale of the Bank of the Bahamas to someone who wants to buy it? Name who they want to do it for.”
Mr Christie recently revealed that BOB Managing Director Paul McWeeney has resigned from the bank, giving the institution six months notice.
Comments
jlcandu says...
Mr. Christie,
Yes the FNM has motives behind the demonstration -- they want answers!!!! Who are these privileged persons who are yet to be disclosed that owe over $100m??? The people deserve to know since you are using National Insurance money, the people's money, money which is supposed to be held in trust for US the contributors, not to bail out a mismanaged bank which gives away money to cronies and others who have no intention of paying it back!!! Stop being an idiot and apologize for mishandling the affairs of BOB to the Bahamian people!!! And while you are at it, explain how you are going to replace OUR money at NIB!!!
Posted 15 January 2015, 1:23 p.m. Suggest removal
duppyVAT says...
Serious thing
Posted 15 January 2015, 2 p.m. Suggest removal
licks2 says...
Our PM is just out of control and carrying on like a foolish man who has lost his head!!! He fail to see that the reason the Bahamian people are saying "this election taking sooooooooo long to come" has nothing to do with the time being a little over two years now. . .BUT THE PRESSING DESIRE TO GET RID OF HIS BACKSIDE. . .ALONG WITH HIS BAND OF CORRUPT CRONIES!! HE BETTER ENJOY HIS LAST DAYS IN THE PM SEAT. . .HIS GOOSE DONE COOKED. . .WE CANT WAIT TA PUT ONE JOOKING ON HIM!!
Posted 15 January 2015, 1:37 p.m. Suggest removal
HarryWyckoff says...
Is Christie for real??
BoB is an international disgrace - no one needs a 'hidden' motive to demand answers and action.
This government is terrifying in it's utter incompetency, along with a dictatorship-level of disregard for the people it is sworn to serve.
Christie - I hope one day you look in the mirror and see the truth - you and your 'pack of thieves' are a disgrace to The Bahamas and the people of The Bahamas.
Posted 15 January 2015, 2:48 p.m. Suggest removal
hj says...
What PC needs to talk about is why BOB is at the state it is today. And please don't talk about hard economic times. Other banks including Commonwealth have been in the same economy and yet they are profitable. Who are the persons or companies that have taken loans from BOB and haven't paid them back? Are they politically connected? He also claims that Bahamas Resolve has "reaped millions already". Excellent,care to be a little more specific? How many "millions have been reaped" and by whom? And please don't be shy,name everyone that has not paid back his debt, it really does not matter if they are affiliated with the PLP, FNM,DNA or whatever
Posted 15 January 2015, 3:03 p.m. Suggest removal
TalRussell says...
Comrade HJ, didn't the Hubert regime not bail out a bank when they held office? The difference to the credit of the bank's management is it was never publicly acknowledged the taxpayers were bailing out politicians non performing loans. If there was in fact a previously government bailout out of a bank, did the red government collect the monies owing or did they simply write-off the debts?
Posted 15 January 2015, 4:24 p.m. Suggest removal
hj says...
As I said don't be shy name everyone despite their political affiliation. I don't care which party they belong to. Just say who got loans and never paid them back
Posted 15 January 2015, 5:36 p.m. Suggest removal
realfreethinker says...
So if the fnm did not demonstrate we would not have known they got bak " millions". That stroke he had is really doing him in,and I am serious about that he can't be operating with a full deck. This guy is the leader of our country for christ sake.
Posted 16 January 2015, 11:54 a.m. Suggest removal
TalRussell says...
http://tribune242.com/users/photos/2015…
Posted 15 January 2015, 4:05 p.m. Suggest removal
John says...
Ok lets assume that the FNM does have ulterior motives for bringing attention to BoB and its woes as the PM is crying now. Then Perry Christie has to find the traitors inside BoB who created the dray load of toxic loans and who went against proper bank policy and regulations to cause the bank to implode. Did these people also have ulterior motives that collude with those of the FNM or were they just carrying out the whims and wishes of their PLP bosses and now that the Sh!t has hit the fan, they too, are playing the blame game and they too are running for cover. When you throw stones you should not live in glass houses!
Posted 15 January 2015, 6:06 p.m. Suggest removal
BahamaPundit says...
And here's 100 million for you. Is that all you need? If not, just ask for more. Don't worry, we'll give you the money, but we wont question you at all -- we wont check to see what went wrong, we wont ask anyone to resign. Your entire bank went bankrupt but not to worry. How dare anyone ask for an audit! To think they could be so cruel, when it's just 100 million of the taxpayer's money. How dare they be suspicious of us not investigating what went wrong. They must be doing this with an ulterior motive. And also, I do not come across like a completely corrupt fool. No, I come across as an entirely rational person capable of running a country.... into the ground!!!!!
Posted 15 January 2015, 9:25 p.m. Suggest removal
John says...
And come back for more even if you don't need it!!! Gold rush in ya face!
Posted 15 January 2015, 9:57 p.m. Suggest removal
themessenger says...
Mr. Christie, please show us one account that has been resolved by Resolve.
As for the Banks reputation being diminished in the eyes of the people by the opposition for political mileage, I would venture to say that between the the Directors of the Bank and the Minister of Finance a pretty good hatchet job on that "reputation" has already been carried out.
Posted 16 January 2015, 8:20 a.m. Suggest removal
realfreethinker says...
You are right about that They dont need the fnm to do that
Posted 16 January 2015, 11:58 a.m. Suggest removal
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