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**Truth** » 2011-07-29 06:11

Its not the ABIB board who should be resigning its Spencer and his government for causing the collapse of the bank by defaulting on their loan repayments!

**Smart One** » 2011-07-28 23:07

Perhaps they came in a little too early. And timing is essential in this case. Did the board ever take to the shareholders a request for additional money? Did the Central Bank request the board to do so? Many questions need to be asked and answered. They should not take this laying down. Anyway we will not get any help from those legal minds among us. Food for thought.

**Smart One** » 2011-07-28 23:07

Because liquidating the assets would decrease the bank’s assets value on the balance sheet. I say large cause if you look at the balance sheet of 2008 you can make certain assumptions as to what amount we could be talking about. Taking out the government loan alone is $160Mln. Who can come up with that kind of funds? “ECAB”? The Government of Antigua sure doesn’t have that kind of money free. Or is this why we are putting out the BONDS for was all about so they can put the money in to ABIB. Smart move if that is the case. Cheap money. Could ABIB not underwrite those itself. Guess not. Wonder if those assets are lien free anyway. (I believe shareholders still need to look for their redress in every way they can. Even if it still means to look into possible suing of the Central Bank.

**Smart One** » 2011-07-28 23:06

I read consistently comparisons been made to the Bank of Antigua bail out/sale out. That was completely different. The BOA was a liquid bank and had its shareholder been able, he would have ensured that the bank stayed liquid. Those of you with longer memories should know that the old Bank of Antigua went almost thru the same thing ABIB went thru. Over borrowing by the then government. Therefore we’ve been there before. And as you could have read from the government debt as per Gaston Brown, all the local banks have lots of Government debt. However lucky for the then government came along a Texan who wanted a license to operate an offshore bank. The then government saw their change and saddled him with BOA as well. He quickly acted and funded the bank and not one depositor lost their money and neither shareholders. The story after that is known to all. The ABIB story therefore needs another “TEXAN” to come along with a large bag of money to make the bank liquid again.

**John French II** » 2011-07-28 21:23

Notes From A Native Son Of The Rock. The issue of Shareholders is the one I alluded to when I wrote of The Seismic Fault Line. Just as an Earthquake along a Fault Line, you can expect a shake, time unknown, magnitude unknown, result unknown. I know this. Sir Dwight did not Mention Them. The Hon Fin Minister did not Mention Them. The Dr. PM who spoke last did not mention Them. Here is Sir Dwight. We ask all depositors and creditors to bear with us while we address the problems with which the ABI bank is now faced. Here is the Fin Min:The Government of Antigua and Barbuda will continue to work with the ECCB to ensure that all steps are taken to protect the interests of depositors and creditors of the ABI Bank. Here is Dr. PM:The Government of Antigua and Barbuda and the Central Bank continue to work together very closely to ensure that all steps are taken to protect the interest of depositors and creditors of the ABI Bank.
I wish the Shareholders all the Best, but if I were a gambler, I would know when to fold. Heaven Help The Nation of Antigua & Barbuda - Redonda?

**Dig It** » 2011-07-28 20:39

Tenman, I could not agree with you more! Two years behind in financial statements is just ludicrous! There is more to this story than what we are hearing!

**Smart One** » 2011-07-28 20:35

Thanks for saying it again and again. The Board was FIRED the day Dwight came in. I question therefore what meeting the so called Board held and with whose authority and permission. Because surely Sir Dwight could not have acknowledged that there was still a Board in place after he came in. And it seems as if persons like Mr. Ryan still don’t seem to get it. Perhaps he has information we don’t have. But what I understand when the Central Bank takes over is when the bank is so to speak death. Cause the Central Bank must be careful that they don’t get sued. Like how the Stanford Investors try to sue everyone they can blame for the fall of the bank. Therefore in my mind the share value is Nil or negative. I believe the shareholders need to be educated, cause if I read how elated Ryan is I can only conclude that he just doesn’t get it that he has lost his investment. Or perhaps that is pocket chance for him. What the Central bank has saved is his deposit.

**tenman** » 2011-07-28 20:19

Dig it and as part of accepting responsibility the share holders were the ones who appointed the board. I find it strange that Mr. Ryan can state that the share holders were unaware of the banks liquidity problems yet it was an open secret. Why is it that places like ACB and ABIB are allowed to issue audited financials sometimes over 2 years late? The last share holders meeting for ACB held 27th day of January, 2011 at 3:00pm discussed the 2008 statement. The next one scheduled for August 4th this year will discuss the 2009 statement when the financial year ended sept 2009.

..

**Dig It** » 2011-07-28 20:04

The massive barrowing of our "Loan Shark" reminds me of a neighbor, who would go around and buy groceries on credit from any store that would give it to him! The stores and shops were not able to recover hundreds of dollars owed to them! Up to this day, my neighbor can't pay back his debt because of his habitual purchasing on credit. Yet, he now has a reputation and everyone is staying away from him! I really hope the "Loan Shark" learn not to bite more than what they can chew!

**Dig It** » 2011-07-28 19:48

I am glad to hear the Board was fired, and I hope these guys don't get another opportunity to reck any other bank in this country like they did to ABI! We need to change the way we do things in Antigua, in lending money to the "loan shark!" Yet, I suspect nothing will ever get done, as a lot folks in the banks can be easily brought, with the right "bride price!"

**John French II** » 2011-07-28 18:56

Notes From A Native Son Of The Rock. When we were young enjoying the christmas festivities, in as much as we were amazed and thoroughly enjoyed the intriquate dances of the masqueraders - who can forget Bila & Peter - Clowns and John Bulls, we were terrified and would run helter skelter once they made a threatening move in our direction. It is embedded in our psyhe. "Follow the Money"! "Research"! "Focus"! seem to get up an run away from us when things exciting and impending confront us. How many revisted the ECCB's Website to review its intruments? How many reviewed its Monetary Reserves and how in particular Antigua & Barbuda from a healthy situation was insteady decline. Did they follow the various strategic pronouncements from Sir Dwight? And closer to home, how many visited ECAB - have we been cleverly lulled into slumber by the last two letters AB? Who or What comprise the Board? Once you did that, you knew that ABIB's Board was History. Notwithstanding , I supported ECCB's Intervention, Good Governance & Management. Shorty sings "Nobody Go Run Me". Respect.

**tenman** » 2011-07-28 17:14

John French II well said. They were removed by the ECCB from the bank. Have no idea where persons running with this notion of them resigning. I guess persons will next suggest that Stanford resigned from Bank of Antigua

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**Amazed** » 2011-07-28 17:06

It's amazing they did not get fired from the board. But then again we are in Antigua & Barbuda where millions can be spent on fences without any checks and balances and the person in charge just goes about his day to day life in the same position without even a letter of warning much less to be fired or even asked to step down!!!

**fnpsr** » 2011-07-28 16:32

Well said! In that way performance matters. If this becomes pervasive, the light at the end of the tunnel would not be an on coming freight train, but a well deserved beacon of hope.

"Let's fix the little things before we attempt to fix the big things."

**peter** » 2011-07-28 15:06

Finally someone in Antigua has taken responsibility for the mess that they have created this is what should have happened at the electoral commission, the fencing of grounds mess etc. etc. etc. tihs is the only way forward you mess up you are held responsible.

**John French II** » 2011-07-28 14:22

Notes From A Native Son Of The Rock. Control of a Bank means Governance & Management. I commented on Governance & Management and the Seismic Fault Line developing. I noted that Sir Dwight had the Blade and just as Shylock he was going to ask for his pound of flesh closest to the Heart. No One read the Board was going to be cut out from the Bank. Friends as much as I know that the Red Senator Rabble Rouses and I don't always agree, I take note. I treat it as a Brainstorming Exercise. The ECCB ultimately has a Board that Governs it. The Member States of The OECS. Our poor Governance Processes have clouded our mental faculties so much so that we again fall for acts that were Strategically Planned and Executed clinically under of very noses as we partied and continued to live "La Buena Vida". Where are our Intelligentsia and our "Consigliere". "All About Us Confusion Reigns". "The Center Cannot Hold. Things Fall Apart" “Hunt in every jungle for there is wisdom and good hunting in all of them.” African Proverb. Heaven Help The Nation Of Antigua & Barbuda - Redonda?

**John French II** » 2011-07-28 14:18

Notes From A Native Son Of The Rock. Friends, Ouadadlians, CountryWomen/Me n, Rastas, "Pickey Head People", "Ting A Ling". Hear Ye! Hear Ye! The ABIB Board Has Been Fired! Sacked! Sent Packing! Resigned? Here is Sir Dwight Venner: "The Eastern Caribbean Central Bank (ECCB), after due consultation with the Monetary Council has been directed to exercise the powers conferred on it by Part IIA, Article 5B of the ECCB Agreement Act 1983 and has assumed control of the ABI Bank." Emphasis Mine. First are we suffering from Alzheimers, less than one week, because it is going to get worse. That what Transactional Thinking does to us. contd. Respect.

**VeNoM** » 2011-07-28 11:57

Y'all did the right thing, by taking the "moral high ground." Too bad the "righteous" members of the electoral commission never heard of such.

**Middleahdestreet** » 2011-07-28 10:56

ABIB set a good for the UPP. Failure has consequences. When will the UPP resign?

**Towerhill** » 2011-07-28 09:20

I hope your comments in favour of the take over will remain the same when you are told your shares are worth .05 cents on the dollar.

**Audrey** » 2011-07-28 09:13

Why can't the prime minister,Lovell the good Dr and the fencing and the president of the millionaires road program club dunce Daniel do the country a favor and resign. Let's give the country fresh start

**edwin** » 2011-07-28 08:50

As much as this was a privately owned company, it had the people's money and the Board MUST be held accountable. All of them. I have written on many blogs about the Board of ABIB. Talk about politicans corrupt. Check ABIB and you will find out what real coxxuxxion is.

**Beauty** » 2011-07-28 08:50

Well well this is what should happen and there I thought something was wrong with me for saying the Board is ultimately responsible.

**jma** » 2011-07-28 08:24

There was a run on Bank of Antigua. No Bank in the world can survive such a run. There was no cash flow problem at BOA. There was a silent run on ABIB also. Poor management of ABIB resources and Greed may have caused its demise into negative equity. Poor Shareholders! They would have lost everything for a long while. Depositors are OK.

**Cool Ruler** » 2011-07-28 06:44

When the shipping magnet was chairman and persons like Ryan was on the board the bank was doing fine, once the lady senator was elevated to the head chair things started move in a different direction starting with some of the persons they hired who when in like some gustapo marginalizing long standing members of staff. when they eventualy left most persons wanted to throw a party. It was like the government rescued them

**Morris** » 2011-07-28 06:11

Great news! Now, can we get our elected officials to resign en masse as well for their dismal failure in good governance? I am sure the general public would rejoice at that move.

**fnpsr** » 2011-07-28 05:24

I am glad to see that the Board resigned. This sends a clear message to all that failure has consequences. Now They should be further investigated to determine if there were any improprieties commited by the members.

"Let's fix the little things before we attempt to fix the big things."

**Coopin** » 2011-07-28 05:20

Need a investigation !!!!! All them million dollar homes that belong to board members and their family's, and all the money that has gone missing........ ............... ............tim e will tell !

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