Posted on

Trinidad govt offering lifeline to CLICO depositors

rhondathompson, [email protected]

Social Share

PORT-OF-SPAIN – Government intends to extend a lifeline to CLICO depositors in dire need.
Finance Minister Winston Dookeran yesterday told of a proposed “special window” for depositors adversely affected by genuine cases of hardship.
“We recognise that there are some individuals who may have hardship situations,” Dookeran said at a news conference at the Eric Williams Financial Complex in Port-of-Spain.
“We don’t expect there to be many and these are genuinely hardship situations, and to that extent we are considering a special window to deal with cases who have genuine hardship and, by that, I mean matters of life and death,” Dookeran said.
“But that would not in any way [divert] us from pursuing what clearly is a model for resuscitation of the financial sector, funding a major hole that has developed.”
Dookeran made the statement as he attempted to defend the government’s proposed plan to repay CLICO depositors.
Dookeran has proposed an initial payment of $75 000 to those investors whose principal balance exceeded that amount, and an amortised balance payment at zero interest over the next 20 years. (Trinidad Express)