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Hon. Fahie calls for urgent legislation for 'unhelpful banks'

First District Representative, Hon. Andrew A. Fahie believes the Territory has reached a point, where some of the banks are not as helpful to people of the Virgin Islands (VI) as they should be in these economic times and called for urgent legislation to address this. Photo: VINO/File
Hon. Fahie told the House that there were prominent persons in the society who had many places being rented and were behind because their tenants didn’t have any place to work. He noted that this in turn caused the tenants to not have any money to pay the landlords which forced landlords to be unable to repay loans to the banks. Photo: VINO/File
Hon. Fahie told the House that there were prominent persons in the society who had many places being rented and were behind because their tenants didn’t have any place to work. He noted that this in turn caused the tenants to not have any money to pay the landlords which forced landlords to be unable to repay loans to the banks. Photo: VINO/File
ROAD TOWN, Tortola, VI – First District Representative, Hon. Andrew A. Fahie believes the Territory has reached a point, where some of the banks are not as helpful to people of the Virgin Islands (VI) as they should be in these economic times and called for urgent legislation to address this.

He made this disclosure during the eighth sitting of the second session of the second House of Assembly (HOA) on April 30, 2013 during the Other Business segment.

The former Education Minister said there were persons in his constituency who lost their jobs, not because they were bad employees but because the areas where they worked were downsizing. Some companies, he noted, suffered because the economy was not booming as much as it had been before and were forced to downsize as a result.

According to Hon. Fahie the constituents were never behind (in mortgage payments) previously but ended up behind eventually due to economic times.

“The specific banks that [constituents] were involved with in terms of their mortgage, etc were not as helpful [as they could be],” he said.

Hon. Fahie did not disclose the names of any banks in his complaint because he felt some of the banks were “doing extremely well”.

“During this economic crisis, it became more and more evident to me, that just like how we are protecting the financial services, which we must; we must (also) move towards some legislation… to encourage them to do some better work.” He encouraged Premier and Minister of Finance, Dr The Hon. D. Orlando Smith to become involved in discussions to this effect with the banks.

The First District Representative stated that banks make their money from interest and with all the foreclosures taking place, banks will also foreclose eventually as well. “It’s only sense,” he added.

“Some kind of help has to be given,” Hon. Fahie urged “because our people are not behind (the majority of them) because of negligence. They are behind because the worldwide economy has put them behind.”

Hon. Fahie told the House that there were prominent persons in the society who had many places being rented and were behind because their tenants didn’t have any place to work. He noted that this in turn caused the tenants to not have any money to pay the landlords which forced landlords to be unable to repay loans to the banks.

“It’s a real situation, Madam Speaker, and there is a gentleman in my village that says ‘real people do real things’,” he stated.

He urged the Premier to have conversations with the banking association and the managers at the banks to address the urgent problem that people and businesses were facing.

The former Minister said this couldn’t be done four years ago because the situation wasn’t “this bad”.

“Every four years there will be more to do because life is a continuum… and once you continue to live, you will have challenges, some challenges you [are able to] fix…”

Hon. Fahie asked that urgent regulation be implemented and said he noticed that when rates were dropped for some of the banks by America or the sections governing them from their ‘mother offices’ “we don’t get the same deals here” .

“I have come to realise through this economic crisis now that we do not have the legislation to do it,” Hon. Fahie added.

He further urged the Premier to bring legislation that would not leave the onus up to bank managers who have a good heart to help the people.

“[With] the same speed we’re helping the Financial Services, which we must, I’m asking that that legislation be put in place so that we can safeguard our people’s homes,” Hon. Fahie said.

He noted cautiously, that there would always be a few people who would be delinquent, “that goes without saying,” he said, “but that cannot be used as the basis of the banks' actions.”

44 Responses to “Hon. Fahie calls for urgent legislation for 'unhelpful banks'”

  • farmer brown (02/05/2013, 08:08) Like (5) Dislike (3) Reply
    very good point fahie
  • vip (02/05/2013, 08:19) Like (4) Dislike (3) Reply
    Visions of the vip
    • Wake Up! (02/05/2013, 09:48) Like (5) Dislike (39) Reply
      The visions of VIP died with Lavity! This set do not have a clue!
      • west end (02/05/2013, 10:14) Like (7) Dislike (4) Reply
        Ohhh yeahh true, but fahe and fraser will bring it back not to worry deman
        • Wake Up! (02/05/2013, 11:50) Like (3) Dislike (17) Reply
          Honestly look at both the 1st and 3rd districts and tell us what MAJOR improvements have been done in the last 18 years? Sorry my friend, if both ain bring it back then they certainly can't bring any kind of vision back now.
          • To wake up (02/05/2013, 14:08) Like (9) Dislike (25) Reply
            You need to wake up. I know that Fahie has helped more persons in his First district to get a college education than Lavity's entire time as First district rep. That's major to me.
            • HMMM (02/05/2013, 15:08) Like (1) Dislike (36) Reply
              Hear lies! Is it only 1st district that need or allowed scholarships in the VI? Lavity provided for the entire Territory and not just his district alone! Even so a college was established so that so many scholarships needed to be 'handed out' for political points giving everyone an equal opportunity regardless of last name. How major is that? Very!
              • To Strupes (02/05/2013, 16:29) Like (8) Dislike (30) Reply
                Lavity dead so long & people like you still living in the past. So many good things happen to the country since then. Move on. Lavity was good in his time & Fahie is good for his time. Leave Lavity dead because while he did a lot of good he also did a lot of things that would be best left dead so chil out & move on.
                • same (02/05/2013, 17:32) Like (4) Dislike (14) Reply
                  The same applies to Fahie. Many of what hr did is wrong and is best left alone.
                  • bbc (03/05/2013, 02:23) Like (3) Dislike (0) Reply
                    People why shoot the messenger
                  • ok PS (03/05/2013, 11:26) Like (3) Dislike (0) Reply
                    We understand why you still hate Fahie but up to now no one wants to work with you so go check yourself. Take it from a fellow lady.
                • Days (03/05/2013, 01:39) Like (4) Dislike (1) Reply
                  in some parts of the world, this NDP government would be seen as illegitimate, especially internationally so ayo hush
              • free (03/05/2013, 02:06) Like (3) Dislike (4) Reply
                Fraser & Fahie should not worry their heads and losing any sleep or grey hairs over these non-issues in deeds blogs.
              • To Strupes (03/05/2013, 12:42) Like (5) Dislike (0) Reply
                To your comment I say strupes. Fahie did alot for the Territory along with the 1st district. Thanks to Fahie we can now go online with Powerschool & see how our children are doing academically, attendance, etc. in school. The ESHS children are off the streets during lunch. All this & more & he never had anyone who worked with him fearful of him like how they afraid of the new TT Monster Minister & others in his Cabinet.
            • Wake Up! (02/05/2013, 17:38) Like (0) Dislike (3) Reply
              It is major to you but a major blunder to us the people! Look at the state of the schools. Sheesh!
              • Man Thing (03/05/2013, 02:22) Like (0) Dislike (1) Reply
                We could comment all we want. Have as many opinions as we want. The truth is; the BVI has to be reborn for the right things to happen. Until such a time comes, is business as usual
                • trueyes (03/05/2013, 09:27) Like (1) Dislike (6) Reply
                  Well said, Man Thing, we need new leaders with new vision to move this country forward. It is true that after Lavity's death, the VIP lost much vision for this country, only helping friends and payback, rather than look at the entire country.
                  • The TRUTH (03/05/2013, 11:31) Like (3) Dislike (0) Reply
                    At least Fahie & Fraser never help looking for what Mark & lavity looked for in T T Land.
          • @ Wake Up! (03/05/2013, 02:02) Like (0) Dislike (0) Reply
            I could see RIGHT THRU *YOU*!
      • Foolishness (02/05/2013, 14:10) Like (5) Dislike (23) Reply
        I hate to hear anyone with this foolishness that when Lavity died all the vision died. Fahie is a visionary leader that I know will continue to do good for this territory. Lavity wasn't God.
    • west end police officer (04/05/2013, 11:53) Like (1) Dislike (0) Reply
      If they-VIP were to get rid of their current leader and have someone like Fahie or Fraser there I would probably vote for them
  • Need a bank acct now!! (02/05/2013, 08:45) Like (2) Dislike (0) Reply
    Review domant account act. Make it so bvilanders who save up cash for them kids who forget to tell them dont go to the banks to find out. That government made them hand it over. I made a claim can't get it back up to yet
    • links (02/05/2013, 09:08) Like (1) Dislike (1) Reply
      Ohhhh, first Fraser now Fahie. They realize that going against expats isn't that wise after all. Keep up the island man talk and see what happen. Even the Euro expats are packing up. The thing just start, brace up!
      • poor thing (02/05/2013, 14:13) Like (5) Dislike (0) Reply
        You obviously don't keep up with the news. Fahie has been stating his views on this for some time now. Where have you been?
      • @ links (02/05/2013, 15:35) Like (1) Dislike (0) Reply
        I have never heard fraser or fahie going against expat that is rubbish !!! But its well known the island party is in
  • blind mice (02/05/2013, 08:49) Like (1) Dislike (8) Reply
    boy be careful your wife work in ah bank
  • Economic Sense (02/05/2013, 09:06) Like (10) Dislike (0) Reply

    Fahie I agree with you but only to an extent. There are a lot of genuinely struggling people who live within their means but because of circumstances they fell behind. But there are also those who took out million dollar mortgage and bought fancy cars to show off. That's my problem. You working for a Trust Company and that's your only income then you go to the bank for a $800K mortgage and saying you don't want no tenants in your place, meaning you have to foot mortgage on your own. People in the BVI continue to build these ridiculous structures even with evidence that the economy is still shaky. Now we should feel for them? I feel for the people that live within their pocket but still can't make it. I don't feel for those who took out mansion mortgages and can't repay them. Who send them? The bank was wrong for giving a lot of them all that money for concrete and metal (house and car). We have young people still to this day doing the same $h!t. When will they learn? How can you work for someone, you don't own your company so you can be sent home at any time. But you feel it wise to take a mortgage with a payment of $3k - $4k a month that you have to shoulder on your own. One dose of sickness or emergency and whole thing fall apart. LIVE WITHINT YOUR MEANS. Go down the Caribbean and see the nice but simple structures. Why we need to spend so much on homes here? While Government is working on Legislation they should start working on reaching out to the foolish residents who continue to spend what they don't have. A simple house in BVI shouldn't cost more than $350K. Some can be done for even less if you have people like family willing to help out and defer some costs for labour. I know someone who in the bank for over $700K and the only thing that person isn't selling to make the money is themselves. Hustling day and night to pay for a house that you are hardly in because you're hustling day and night lmao.

  • mother hen (02/05/2013, 12:34) Like (0) Dislike (0) Reply
    I think those Banks should be named and shamed
  • Excellent (02/05/2013, 14:12) Like (7) Dislike (18) Reply
    I am glad that Fahie has brought this to the attention of the Government so let us see if the NDP really cares about the people now or just political games.
  • uk send help (02/05/2013, 15:36) Like (11) Dislike (3) Reply
    One thing for sure the ndp must not be allowed to return to power
    • love boat (03/05/2013, 13:14) Like (4) Dislike (0) Reply
      This is the sort of criticism of the Govt. I can wholeheartedly endorse
  • Yes (02/05/2013, 19:33) Like (2) Dislike (0) Reply
    Banks doing what politicians say is what brought the world to it knees in 2008. Sir maths is not the same as economics.
  • paul (03/05/2013, 09:19) Like (0) Dislike (0) Reply

    Pop B@*k is one of them. Last B@*k is another.

  • ta ta (03/05/2013, 13:11) Like (4) Dislike (0) Reply
    I'm liking the VIP new approach of not only opposing of late but bringing valuable ideas to the table.
  • Pong (03/05/2013, 18:00) Like (1) Dislike (0) Reply
    Pure posturing and Monday morning quarterbacking! You will get your turn again Andrew, just be patient.

  • Local (04/05/2013, 17:14) Like (12) Dislike (0) Reply
    We need lower interest rates mortgage, business and private loans. The banks pay nothing on the money we lodge with them, but interest rates on mortgage, loans Master Cards etc is astronomical. We need RELIEF.
  • things bad (05/05/2013, 18:57) Like (1) Dislike (0) Reply
    All the banks here sucks
  • geoffreyjames560@gmail.com (17/06/2013, 12:35) Like (0) Dislike (0) Reply

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