FNM’s diabolical plot for Bank of The Bahamas
FNM appointed Board Approved the bad loans now being fixed by the new administration! It’s UNBELIEVABLE …
Bradley B. Roberts
Progressive Liberal Party
The intentions of the Free National Movement are to create more problems for the Bank of The Bahamas and blame it on the current PLP government who has worked diligently and responsibly in designing and executing a rescue plan for the bank saddled with $100 million worth of bad loans approved by the FNM appointed Board of Directors when Dr. Minnis sat as a member of the cabinet.
Out of one side of their mouths, the FNM talks about how much they want to help the country and work with the government, but at every turn they appear determined to undermine the policies of the government for purely selfish political reasons.
How else can their continued campaign of demonizing the BOB be explained when Scotiabank had to write down $108 million, Royal Bank/FINCO was forced to write down some $20 million and First Caribbean Bank more than $220 million. All of these financial institutions faced serious fiscal headwinds in the face of the protracted global recession and they all depended on their parent companies for financial support during this difficult period.
Dr. Minnis knows that the current board inherited these loans and the decisions of the FNM appointed board; they are the ones who put the bank in this mess! The current board is cleaning up the mess left behind by the FNM and ushering a new era of fiscal responsibility. True to form, disingenuous Minnis has repeatedly and dishonestly accused this board of these loans.
Dr. Minnis also knows full well that the 2009 Central Bank regulations separated the powers of the office of the Managing Director from direct involvement in credit, or the granting of loans.
Faced with this mess left behind by the outgoing FNM government, just like the tattered economy, the problems at the National Insurance Board and the challenges at the Public Hospital, The Bahamas government has moved in to secure the Bank of The Bahamas and protect the investment of its thousands of shareholders. Governments around the world employed the identical policy to shore up major institutions thereby saving their local industries and national economies.
What is going through the mind of Hubert Minnis? Has he taken leave of his senses? His behavior and actions are reckless, irresponsible and injurious to the bank’s reputation. But maybe bringing about the destruction of the BOB just might be the malicious intent of malicious Minnis and the FNM and the march tomorrow is furtherance of this.