On July 1st I posted my comments and ask the question from Sir Dwight and although no other poster dared to react on my comment today I finally got my answer. We live in a small society where things go around much faster than light sometimes. However no one ever seems to want to touch or discuss this issue which to me was a disaster in the waiting. Today’s newsbreak even revealed that the political authorities were watching this for some time. Like a parent watching a child play to close to something very dangerous but letting it go. We are now asked to have TRUST. Should we however when we now find out that this was hanging above our heads for some time now and that we were just not warned. I believe the public need to have a full investigation in to whatever lead to this situation. We should not be treated as children that do not have the right to know what mommy and daddy are doing, just to have trust that what they are doing is right. Things didn’t happened overnight and the public need answers, because in the end it’s the PUBLIC’s money and we are now ask to stay calm and TRUST.

There is where I like to ask the esteemed Governor to tell us ”are our indigenous banks safe?” or will you come in again too late. The Stanford Investors lay the blame for his scheme on the feet of our regulatory body and rightfully so. One can argue that had they done their job things perhaps would have come to light sooner and the magnitude would be less. And we would be seen as a Jurisdiction that has a strong regulatory system which would give others trust and faith in our financial system. The same way people distrust the local indigenous banks is a spot on our regulatory system the ECCB. If there was trust then it would not matter where you have your money. But people put their trust in the overseas directors and their prudency of running a bank. We already got a very low rating in last month’s Euro Magazine, and our financial institutions need to be very closely monitored, because this country cannot afford another RUN.

There is a big capital flight leaving this Island each year. We need to understand this and therefore support more things local. Having said that, locals must than life up to our expectations and not let us down. Some years ago the ACB Mortgage had to write off millions of dollars in bad loans. When I saw that happening to the balance sheet and not one reaction from the local population, I was shocked. And I thought, and not one Director was called up to answer for this. I guess my people didn’t seem to be concerned and kept banking with the bank. Years later the bank is again strong as can be seen on their balance sheet. But we have other local indigenous banks that are causing our concern and business men all over the Island are starting to be very skeptical and nervous. However no one really openly discuss this. Once in a while you will hear a little in talk show programs on radio stations and the public at large is really just looking on and staff is worried to say the least.

Just a year or two ago when we were faced with the collapse of the Stanford Empire, which included a local bank, although he obtained an Antiguan passport his bank was not really seen as an indigenous bank, even though it was bought from the government in the first place. Having said all of that, there was chaos in the local banking world, and the Central Bank had to step in. some might argue a little too late, cause most patrons of the bank didn’t really listen to comforting words of Sir Dwight and Dr. Cort and moved their monies to safer banks. Many believed and trusted only the foreign owned banks such as Scotia, RBC, FCIB, and RBTT. While our local indigenous banks anxiously waited for the capital to strengthen their institution. Now I am not in favor of those overseas controlled institution because I do trust and love to see my people get ahead in live. Profit of any overseas controlled company whether it’s a Hotel or a Bank does not stay and benefit the local economy.