Banks telling people foolishness- Hon Ronnie W. Skelton
Minister Skelton was at the time addressing the Twelfth Session of the Second Sitting of the Third House of Assembly (HoA) last Wednesday December 20, 2017. He was explaining that people were worried about the importation of goods into the country tax free as the duty free list put in place by Government after the hurricanes was to expire on December 31, 2017.
"The 31st December is coming to an end and people want to know, because the insurance companies are taking much longer than was anticipated, the banks are holding up people’s cheques.”
Referring to the banks, Hon Skelton continued, “I understand that the banks are worried that the people might take their monies and go buy stuff instead of fixing the property that the bank has an interest in, so there is a need for some kind of supervision. But to put people through additional expenses is not the right way to run the programme.”
Banks not having interest of Territory at heart
It is Hon Skelton’s belief that the fact that most of the managers of the top banking institutions are expatriates is contributing to the issue with the banks. “To me, in my analysis, they don’t have the interest of the country at heart, like it used to be long ago, and its becoming a problem. It's becoming very frustrating to do business,” he said.
Hon Skelton then took the time to officially report that the Social Security Board (SSB) made a sizeable investment into the National Bank of the Virgin Islands (NBVI). This he says “is a big step forward, because we need a financial institution that stays with us, that understands our needs so that we can build our country.”
On December 19, 2017 the SSB sealed a 33% ownership of the local bank with a $15M investment of tax payers’ dollars.
Duty free list active for another 3 months
Meanwhile, Premier and Minister of Finance, Dr The Honourable D. Orlando Smith (AL) subsequently extended the date by which certain imported items will not incur duty.
Premier Smith made the announcement during the final hours of the same HoA, to extend the duty free close date from December 31, 2017 to the end of March 2018, giving residents three more months to get the necessary materials to restore their homes and other properties.
29 Responses to “Banks telling people foolishness- Hon Ronnie W. Skelton”
Cor***t politician talking nonsense again
Scotia and FirstCaribbean injected hundreds of thousands in the economy since the hurricanes. The healthier minister says nothing. This is why many companies are reluctant because of bad ungrateful governance.
For now you talking nonesence; the banks are an independent and international body and they had their policy also. However it may not be possible for the banks to be corrupt as your government.
Leave the bank alone and donate some of the money you got to develop the people in your constituency who are in despedesperate need.
***T** evaluates ones pedigree and scrutinizes their family's money too. why isn't that bank thrown out or shut
down? something extremely dirty there. managers were supposed to be deported. BVI a F shame of a place
for banks, but especially that one. wouldn't be allowed in the US or UK. only BVI tolerates some of these sick
banks and their illegal disgraceful behaviour to customers. BVI sick in the head.
Wake up.