It was indeed a pleasant surprise to have my erstwhile constituency representative backing me up with the declaration that we are lacking in a banking representative for the country. In other words, we had no right to sell more than 51 per cent of shares to CLICO’s subsidiary Republic Bank of Barbados.
To make matters worse, there is a long palaver in the Friday, August 3 WEEKEND NATION leading up to the identification of the late Barbados National Bank. For the Barbados National Bank to be named in the same breath as CLICO is a national disgrace. June Fowler and her supporters must be shaking in their boots with acrimony.
Here is what the association means. Republic Bank is a subsidiary of the CL Financial Group, which is part of the CLICO group. So now Barbados Mortgage Finance Corporation/ Barbados National Bank has just made a three-month profit of $6 153 000. Will dividends out of this be paid to the shareholders, including the Central Bank of Trinidad and Tobago?
This is juxtaposed against the deposits, annuities and flexible annuities of hundreds of Barbadians and policyholders in the Eastern Caribbean. These people for the past four years have had policies maturing, but not paid. Some of these folk have invested their life savings (they may have been foolish virgins), nevertheless they deserve better.
Meanwhile back at the ranch, a judicial finance team is looking into how best to unravel the conundrum and is being paid, and will continue to be paid. Those initially responsible seem not to be held responsible.
A woman met me in the streets, and at the top of her voice, shouted: “Wild Coot, you think that is right?” She seemed to be with it. “The Bajan people real foolish. The profit from the National Bank goes to the same people who owe them for the insurance policies and annuities in a convoluted way. Republic Bank made $178 422 000 in profits for the nine months ending June, 2012. Wild Coot, explain to the people how their heads are buried in the sand. Do like Obadele and spill the beans.”
I replied: “Obadele come out late. For a man with his speed he should have come out long ago when all sorts and every kind used his intellectual image recklessly after he won the Olympic medal. All sorts of pictures appeared in conjunction with advertisements, and he got a pot of weevils. You know what it is like to train for four years with minimum support?”
“Wild Coot, what we to do now? Can we get Republic Bank to pay the CLICO depositors because, according to the Good Book, Peter could pay for Paul? And we have so many economists up in high and higher places. Should they not be able to put two and two together or are they waiting on Gabby? He is only a calypsonian.”
In what may seem an unprecedented step, the Republic Bank has thought fit to describe how the Barbados National Bank became enmeshed with a group of companies that have depicted the Caribbean in the worst financial light. One cannot be proud of the fact that the association brings it in stark company with the entity that has engendered hardship and in some cases penury for people who put their trust in salesmen who sold flexible annuities.
The lady persevered: “Is it not recidivism for both our parties now to be talking about selling out the airport and the harbour?
“Are they going to rename the Grantley Adams Airport Piarco Barbados Airport and the harbour Port of Spain Bridgetown Port?
“Wild Coot,” the lady continued, “what we gine do? We gine put them back or we gine swap black dog for monkey?”
Congrats to Ryan for being among the eight best 110-metre hurdlers in the world. Do not let them use your image without paying.
• Harry Russell is a banker. Email quijote70@gmail.com.
