Bank of Bahamas statement regarding increase in bank license fees

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Paul-McWeeney-SMALLNassau, BahamasPaul J.I. McWeeney, Managing Director, Bank of The Bahamas International, wishes to clarify a statement which was published in a local newspaper and aired on a related radio station today, December 16, 2009, with regard to an increase in bank licence fees as announced by The Central Bank of The Bahamas.

The statement implied that Bank of The Bahamas was “unhappy” with a new fee schedule announced by The Central Bank of The Bahamas. That statement did not accurately reflect the Bank’s position.

While no one greets an increase in taxation or fees with open arms, the reality is that Bank of The Bahamas International fully understands and appreciates the need for adequate licencing fees as a source of revenue for the Government of The Bahamas. However, the Bank’s position is that, going forward, the greatest progress will be made with the clearing banks working in concert with the regulatory authorities, including Central Bank in order to assure that changes lead to the improvement of the sector as a whole. With regard to the fee increase, the banking sector’s demands on the regulatory system continue to grow as the nation’s economy evolves and the management of same requires support that must be adequately funded. We wish to make it abundantly clear that Bank of The Bahamas International has no objection to an increase in fees as announced so long as said fees do not impair the clearing banks’ ability to serve Bahamian needs. The Bank will continue to work with all in the sector for the ongoing betterment of the financial services sector.

Signed,

Paul JI McWeeney, Managing Director

  • rashad amahad

    You know what seems to have escape most of you that during this period of recession no banks decreased the interest rates?????? and there was no public out cry this is amazing.My brother and sister wake up you hav ethe power to put any organisation out of business in the Bahamas we must unite, when one Bahamian is in pain I am in pain.Rashad AmahadBig brother 

  • media

    Press Statement form Paul Moss on Suggested Tax on Banks December 16, 2009 Nassau, Bahamas: “For many years I have been calling for taxes on banks in this country as it has been an unconscious run by banks on the backs on their customers” said Paul Moss responding to a Tribune article in today’s edition about possible taxes on banks in 2010. “Many are not aware that these banks do not pay business license fees notwithstanding the gross revenue they doubtless produce annually. When compared to other businesses who must pay this, it is inequitable and I am happy that the Prime Minister will address it. However, he ought to be holistic and tax also the private and international banks that too produce huge tax free profits and repatriate out of the jurisdiction. “He should also set legislation to prevent banks from lending money for consumer items such as vehicles and furniture. This would force banks to be innovative to produce revenue and ensure that they look at lending for business purposes which will help the over all economy. It will also ensure that automobile and furniture companies do their own financing and this will make competition keener in the respective industries. “I believe that there should be taxes on all companies and this will serve as a precursor to our eventual income tax base which will help in the revenue of the country as well as ensure that the Bahamas is no longer looked at as a tax heaven” Moss concluded. END For further information please contact 376-3213 or pmoss@dominion-bs.com