'Don't sell – take over bank'

shadiasimpson, shadiasimpson@nationnews.com

Added 08 November 2012

marshalldon

A POLITICAL SCIENTIST says that instead of selling their shares in Republic Bank (Barbados) Limited, Government and the National Insurance Scheme (NIS) should try to take over the former state-owned entity. Senior research fellow at the Cave Hill Campus of the University of the West Indies, Dr Don Marshall, told the DAILY NATION there was an important role for a national bank or a development bank. “If we are talking about developmental  projects,” he said, “then you must know that since Barbados does not benefit from angel investors  – that we have closed the Barbados Development  Bank (BDB) years ago – then you have to maintain  an interest in a national bank, and I am saying  the a national bank is needed for the fledgling industries like the solar and alternative  energy sector to realize the real innovations  for which inventions will be the hallmark  of this enterprise.” “The lie has gone out that the sale of the Barbados National Bank (BNB) was the best thing to happen. Now, we are bereft of any kind of venture capital agency or bank to which the state can incentivize  or direct to lend in a particular direction. We now  have to await Trinidadians to make that decision  in Port of Spain.” (GE)

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