By RASHAD ROLLE

Tribune News Editor

rrolle@tribunemedia.net

PRIME Minister Philip “Brave” Davis has accused Opposition Leader Michael Pintard of proposing to dismantle the Post Office Savings Bank, warning the move would put jobs at risk and leave Family Island residents with fewer banking options.

In a statement responding to remarks made during the Free National Movement’s campaign launch, Mr Davis said Mr Pintard’s plan would shut down a public institution relied on by “Bahamian families, pensioners, workers, and small savers across our archipelago.”

“He is prepared to shut down a public institution that serves Bahamian families, pensioners, workers, and small savers across our archipelago,” Mr Davis said.

Mr Davis argued that the proposal would also threaten jobs, saying abolishing the Post Office Savings Bank would mean firing 98 employees across the Family Islands and placing a wider postal workforce of more than 256 staff at risk.

“He is prepared to place Bahamian jobs at risk. He is prepared to tear away a service that many Family Island communities rely on,” the prime minister said.

He also challenged the feasibility of the opposition’s plan, saying Mr Pintard was suggesting the government could compel private banks to expand into underserved areas.

“He is pretending the government has the power to order private, foreign-owned commercial banks to do what they have already chosen to stop doing,” he said.

Mr Davis said his administration has instead focused on strengthening the Post Office Savings Bank, including increasing the deposit cap from $6,000 to $10,000, maintaining a five percent interest rate for eligible savers, and advancing reforms.

He warned that Mr Pintard had not explained what would happen to employees or depositors if the institution were abolished, or how customers in communities without nearby commercial banks would access their savings.

“He never explained who would carry responsibility for those depositors, what guarantees would exist for their money, or how families, pensioners, and small savers would be treated if this institution is shut down,” he said.

The prime minister also pointed to interest rates, saying the Post Office Savings Bank offers returns higher than those available in the commercial banking sector.

“What Mr Pintard failed to say is who would match the Post Office Savings Bank’s five percent return for eligible savers.”

Mr Davis said the Central Bank’s January 2026 report showed a mean deposit rate of 0.56 percent, with the highest rate at 3.75 percent on fixed balances over 12 months.

He described the proposal as “reckless” and said the government has a responsibility to protect access to savings and banking services, particularly in the Family Islands.

“The Government has the power to strengthen the public savings bank we own,” he said. “We have the duty to protect access for Family Islanders. Private commercial banks make their own decisions. No speech can change that.”

Mr Davis said more than 35,000 clients currently rely on the Post Office Savings Bank and that new accounts continue to be opened across the country, including in the Family Islands.

He framed the issue as a clear policy divide ahead of the next general election.

At the FNM’s campaign launch, Mr Pintard said his party would ensure Family Island residents have access to banking services.

“We will abolish the bank through the Post Office system and work with the Clearing House to make sure commercial banks lose no money as they provide a service that is needed,” he said.