Comrade Darron's call for swift action against the BOB - could result in dangerous financial repercussions for the financial industry - so proceed with caution - leave the politics out it.
I am told that if the BOB were to be lfire sale iquidated today, it's asset value would be less than $150 million?

Tal that's like saying if you have a serious medical like cancer don't deal with it, because you are scared what they may find and how much more it may cost. Why would you sit ideally by and let bad loans that tax payers are subsidizing just continue to grow more delinquent? How about investigate who owns the bad debts, publish it, and recover whatever funds you can towards the debts. That may mean some individuals may end up having to declare bankruptcy. Do you think that it may be some PLP henchmen and this is why you are suggesting to 'leave the politics out of it.'

Go for it Cash I would like to know all of those who did not pay their loans.

If Minnis and Turnquest do not quickly shut down BoB, the continuing losses will makes Bahamasair's years of operating losses seem like a drop in the bucket. BoB is insolvent and continues to hemorrhage millions and millions of dollars. The politically exposed persons (PEPs) who received millions of dollars of inadequately secured loans, advances and overdrafts from BoB, which likely will never be repaid, must be made to face the music. These PEPs do not enjoy a right to privacy under any of our statutes because of the fraudulent means by which they obtained their credit facilities in the first place. The taxpayers and National Insurance fund contributors have every right to demand that Minnis and Turnquest name, shame and prosecute those involved in the more egregious instances of corruption at BoB. Anything less, means all of Minnis's talk about his government's need to be transparent is nothing but lip service to the Bahamian people.

This will be great! Let's see all the PLP's that had bad loans that they used tax-payers money to bail themselves out!!! KML

Fitzgerald
Shane
"Brave"
Perry
and of course Leslie :)

Comrades! I advise the new red government act with extreme caution in dealing with the Bank of Bahamand's problems. Worse, there is a danger to underestimate how intricately intertwined BOB is with the country's economy - and how it could damage the well-being of our citizens.
On some islands the major banks have closed their branches and only branches of BOB remain,

The real reason for the PLP concern for BoB,is that the owners of the PLP (the webshops) will not have a place to bank if BoB is shuttered.

Therefore, I would like to see BoB shutterred. Fidelity Bank has announced that it will service the Family Islands.

What Bank in the World would seek protection against going after its Debtors unless it has fallen victim to Politcal interference?!?

I think this will be great. Let's find out who the bad debtors are. We can then decide to freeze their assets and liquidate, and recoup some of BOB's funds that the tax payers are subsidizing.

CLOSE AND PROSECUTE!

Tal, the Bank of the Bahamas is a disgrace. It is not a controlling factor in our economy. Even before the election, the Central Bank was pushing them to come up with more capital which comes from you and me. Shutting them down will have little consequence for the country, and as for the shareholders, their shares are not worth the paper they are printed on. Any sensible depositor should have removed their funds long ago. Liquidation may yield them some small return on their investments, but under no circumstance should government inject more NIB money into this F--K up. Audit, investigate, and liquidate. Let the chips fall where they may, and let all the borrowers who are not paying, and the Senior Management who are basking in their severance package, and retirement , face the music. And I hope it ain't sweet.

Liquidate and you penalize shareholders.
You honestly think with that precedent you would ever get any local or foreign investors again?
(aside the sell out to foreigners of land and services)
Forensic audit yes, go after the defaulters, publish the names,
but salvage it if at all possible.
The existing black eye will turn into seizures otherwise.

Have you looked at the balance sheet of BOB? The bank is underwater, to the tune of several hundred million dollars. Of course shareholders should be wiped out, it is called capitalism, the best that could be done is to try to make depositors whole. Sell the bank for what it is worth, half its loan portfolio is impaired, and cut our losses. The FNM has to deal with this immediately, and bite the bullet, we can not continue to hemorrhage taxpayer dollars with this sunken ship. Also what if after a massive bailout of several hundred million dollars by some miracle this bank is turned around, with govt ownership, it will simply be run in the ground again! Govt needs to divest itself of this and bahamasair, and ZNS, and BEC as soon as possible.

i am amused by this thinking that we should not stop throwing good money after bad... Bahamasair, ZNS, now BoB. we need W&SC and BPL but not the others.. businesses fail around the world every day.. why is it different here? the interest of a few should never subordinate the interest of the majority..

Let's get the list of who has these "bad performing loans" and I'll bet they were bad from day one with no repayments at all? Who signed off on these loans? $50mill to the PLP????

This is the PERFECT TIME to shut down one of the worst airlines in the world BAHAMAS AIR
and save the people a fortune.

Contact the gas people and get that deal back.

So much to do plenty of time.

Bahamas DPM Turnquest on Bank of The Bahamas
May 16, 2017 - 5:32:47 PM

Nassau, Bahamas - Statement on Bank of The Bahamas by the Deputy Prime Minister and Minister of Finance, Hon. K. Peter Turnquest:

The Government of The Bahamas acknowledges that the Bank of The Bahamas is a systemically important financial institution and as such is fully committed to its success. The Government further acknowledges the concerns of the various stakeholders with respect to the Bank's: capital, liquidity and governance. In its role as the majority shareholder, the Government is committed to working with the Board, Management and Regulators in comprehensively addressing all of these issues and returning the Bank to sustained profitability.
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Tal you will be pushing up daisies, fertilizing silk cotton trees before this bank returns to profitability under govt ownership. DPM made this statement because this bank is insolvent and they want to prevent a "run" on the bank and by extrapolation all banks. But as for profitability forget it, half the loan portfolio is impaired, and not generating income, the expenses are huge, with a bloated staff. No hope here, sell it, cut our losses and remove this risk from the govts balance sheet forever.

Comrade Anthony, is you exposing a lie?
Are 'It's The People's Time' red government - starting off their five-year mandate - by telling lies?
If MOF KP mishandles the dirty mess over at BOB, he will have prepared his bed to borrow that first Billion Dollars and within the red governments first 90 days in office from May 10, 2017.
I am informed that BOB could be obligated to customers who could have as much as '$800 million' on deposit at the bank?

No lie really, returning to profitability most likely will be achieved by selling the portfolio to another bank, who will close branches and drastically reduce staff. The govt will have to cover the shortfall to make depositors whole or partially rely on the depositors insurance at the central bank for accounts less than 50k. Those with larger deposits might be asked to take a haircut. So it can be done, but it calls for radical measures, with the govt running the show, status quo, ain't gonna happen.

Comrade DonAnthony, I would have expected the new red cabinet's first BOP action be to publicly release the names to embarrass those who walked away from paying back loans in the millions dollars - then to sue their asses off and seek judgments against their assets....But we all know that the BOP dirty mess is not exclusive to just one colour t-shirts.

Amen Tal, I have never agreed with you more. Since our tax dollars are bailing out this failed institution we have a right to know who these deadbeats are. This is a massive test for the new govt on accountability and transparency. Publish the names and while at it, clawback all the bonuses that were paid to managers and board members who ran this bank in the ground.