Canadian Banks Struggling in the Caribbean
CIBC, BNS,RBC struggling in the Caribbean
One of Canada’s largest newspapers The Globe and Mail published an unflattering story last week titled Trouble in Paradise: Inside Canadian banks’ billion-dollar Caribbean struggle. It comes at a time the government of Barbados has been telling Barbadians the economy is on the bounce.
It is no secret the three sectors which drive the economy of Barbados are tourism, international business and foreign direct investment. Last week the government through its state agency the Barbados Tourism Marketing (BTMI) painted a rosy picture of tourism performance in January 2015 and for the immediate future. For the Barbados economy to fire we need inflows from foreign direct investment as well.
The Big 3 Canadian banks have operated in the English Caribbean for decades and many will say have been integral to the economic fortune of the region. For over 100 years Royal Bank and Bank of Nova Scotia have peddled financial services in the region. If the Globe and Mail report is to be taken seriously the three Canadian have taken a bearish position of late. An excerpt from the article suggest the reason is, …to stanch the bleeding, the banks have been restructuring their regional operations by shrinking their footprints and by leaning on specific countries, such as energy-rich Trinidad and Tobago, to drive growth…
Minister of Finance Chris Sinckler has done the expected and delivered his “Utter rubbish” rebuttal but who do we think potential Canadian investors will be influenced by, Sinckler or Tim Kiladz’s report. Unlike local business journalists Kiladz’s credentials and profile recommend him highly. [Tim Kiladze is a business reporter with The Globe and Mail. Before crossing over to journalism, he worked in equity capital markets at National Bank Financial and in fixed-income sales and trading at RBC Dominion Securities. Tim graduated from Columbia University’s Graduate School of Journalism and also earned a Bachelor in Commerce in finance from McGill University]
Barbados is the domicile of a heavy concentration of Canadian offshore business. If there is a suspicion Canadians banks will continue to shrink operations in the Caribbean expect collateral damage. To the rational Barbadian the Kiladz report is not about the plunging economic fortune of Barbados but how three powerhouse Canadian banks by recent decisions have shown a lack of confidence in the economic future of the English speaking Caribbean.
How will the region respond?
Barbados Underground 
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Click to access Q1-GroupFinancials-2015.pdf
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Returning Nationals could have a great role to play in the economic future of Barbados…! The trick is to convince them to invest their monies and transfer their bank accounts to Barbados… Their investment returns must therefore be attractive!
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http://www.theglobeandmail.com/report-on-business/rob-magazine/perils-of-the-caribbean/article23199267/
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Now that is an impressive bit of journalism. It’s sad that we don’t appear to be able to achieve this standard of analysis (IMF comment excepted).
The key issues that come out for me are:
– the levels of underperforming loans. We – the other customers – ultimately end up paying for that.
– the cost of running the businesses compared with elsewhere. Three times as much! We pay for that as well.
– the inertia customers have towards electronic banking etc. We pay for that, too.
– the country by country differences in regulation etc. We pay etc etc……
i just find it a shame that customers like me, who have not defaulted on their loans and who don’t stand in line to pay in a cheque have to pay $1 every time we use our debit cards. They should be trying to incentivised us, not penalise us.
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could not help but to direct readers attention to the article as the writer opening salvage is a direct attempt to do a hatchet job on Barbados which like all other carribbean countries have had to face the grueling effects of the worlds economic downturns .however in the final analysis the writer had to face the grim reality that banks themselves had played a pivotal role in their luck luster performance and share equal or most of the blame
Good bless barbados and may it continue to prosper in spite of the naysayers here and abroad,
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My concern is not whether foreign banks are struggling in Barbados, but when shall these entities show some semblance of having or trying to acquire a better attitude towards countries where they make enormous profits. It seems that in small countries all these banks have to do is to wine and dine the movers and shakers and the countries are given over to them. These banks simply have not been proper corporate citizens.
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If Barbados is to be removed from off the current dedevelopment ruinous path that it has been on for just over 30 years, there must be a populist people centered rational political revolution in the financial affairs of Barbados, as a fundamental aspect of any serious blue print for the proper, necessary and long overdue resuscitation and reactivation of the general national development of Barbados.
Indeed, a certain future coalitional regime of Barbados and of which the PDC will be part shall lead the way in making sure that there is such a revolution in the financial affairs of this country and that, at the same time in combination with the implementation of many other farreaching substantial social political material and financial policies and programs, the country is helped taken onto a trajectory of sustained solution driven national strategic growth and development.
Hence, among other relevant things, there will be the Abolition of Interest Rates in the country. Instead, and as a significant part of the overall political financial strategies that the regime will have as welcome and needed replacements for Interest Rate policies of the monetary authorities, banks, so-called credit unions, finance houses et al comprising all the core financial institutions of the country – these core financial institutions themselves will be allowed at agreed times to take reasonable amounts of money from persons, businesses and other entities, and as so described by the regime as some financial charges drawn from the remunerations of the involved persons, businesses and other entities – upon or at the same time or before rendering any consultation, administration, financial, technological, security and other specified services offered provided there in.
PDC
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watson March 1, 2015 at 6:05 AM #
Returning Nationals could have a great role to play in the economic future of Barbados…! The trick is to convince them to invest their monies and transfer their bank accounts to Barbados… Their investment returns must therefore be attractive!@
Watson , the returning Nationals tried that , and most got crooked by the lawyers , We know of 3 groups along who trusted the lawyers and ex Ministers , Most lies and took money with no performance , Most went back to American and started over again and even bought other homes in Florida , and New York,
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@ ac….. be warned that the shit that flows from the mouth { perhaps yours } every time a microphone is placed before it has the potential to do more damage to Barbados than anything written in the article, or anything said by naysayers. By the way though, you have wished God’s continuous blessings on the prosperous. You do realize that comprises a select few. Perhaps the rest gets theirs next election time by way of hand outs in exchange for the X. Read the entire article and couldn’t seem to find the hatchet job, unless that is the new name given to objective observation. In your quest to defend against everything you never score any runs hence the overs have passed you by and you are about to lose the game via the DUCKWORTH rule. And nuff nuff real glad.
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St George’s Dragon March 1, 2015 at 7:44 AM #@ the key for you is one thing or more, The main key for the Banks are the DLP and BLP government that is deed in land fraud , The IDB took back 60,000,000$ for no clear title for land can be found in 2014 in the CITY ,, WE HAVE THE DEED THEY LOOKING OVAL AND THE HIGH COURT OF 73 ACRES
THIS year the same IDB took back another 160,000,000$ away from 4 SEASONS why , NO CLEAR TITLE TO THE LAND , BLACK ROCK PLANTATION IS NOT EVEN LISTED AS A PLANTATION IN BARBADOS, SO WITH NO CLEAR TITLE YOU HAVE TO NOTHING TO SECURE YOU MONEY , WHICH IS THE LAND, ONCE AGAIN THEY WILL SEE QUEEN BEATRICE HENRY NAME ON THAT DEED ALSO ,ABOUT 140 ACRES .
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http://epaper.barbadostoday.bb/ BARBADOS TODAY PAGE 2 NEWS CAST FOR FEB 27 2015 , 2ND PART OF THE NEWS , HIGH RISK , PRIME MINISTER OF ANTIGUA BROWNE SPEAKING , CHECK IN THE NEWS CAST 7:15 TO 8:35.
BANKS IN THE CARIBBEAN MAY EVEN CLOSE DOWN?
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@Lemuel
What is the role of the regulator? If banks are doing as they like should we blame the banks only?
To repeat the point, the article by the Globe and Mail is not about Barbados but the Caribbean. And whether we like it or not it has the potential to negatively to impact FDI. We need to figure out ways to mitigate as a region. The Canadian market is core.
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Lemuel March 1, 2015 at 8:32 AM #
My concern is not whether foreign banks are struggling in Barbados, but when shall these entities show some semblance of having or trying to acquire a better attitude towards countries where they make enormous profits. It seems that in small countries all these banks have to do is to wine and dine the movers and shakers and the countries are given over to them. These banks simply have not been proper corporate citizens.
@
ALL OF THE PROBLEMS HAVE TO DO WITH FRAUD, AND THE LAND FRAUD IS WHAT WAS FEEDING THE BANKS AND THE NUMBERS, NOW THE LAND IS OUT OF THE EQUATION NOW WE HAVE TO STAND ON LAWS , EVEN ANTIGUA HAD TO DEAL WITH SIR ALLEN STANDFORD AND WE IN BARBADOS HAVE TO DEAL WITH SIR RICHARD L.CHELTENHAM AND SIR C.O WILLIAMS ALONF WITH MIA, OWEN ,PRIME MINSTER CROOK AND THE MOF AND AG, ALL THESE BITCHES , DONT GET SIDE TRACKED THE WOROLD NOT STUPID FOR NIGGER AND NAGGARDS IN OFFICE MOVING THE FOCUS, ITS HAVE NOTHING TO DO WITH RACE , ALL TO DO WITH RULE OF LAW , BARBADOS LAWYER DEALING AND STILL DEALING WITH LAND THEY HAVE NO CLAIM TO , NO TIME LIMIT ON FRAUD , IT CAN TAKE 30 OR 60 YEARS , WE WILL BE IN A BIGGER MESS IF THEY DONT GET BACK TO LAW, AND LOCK UP AND REMOVE THE LAWLESS
MORE FRAUD TO BECOME CLEAR TO THE BLIND ,, HBSC = MORE FRAUD,
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Hamilton responding to a tirade on ac is an exercise in futility .
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@ ac…. Point taken for such is pretty much the stance of this administration in relation to giving an account of decisions taken in the name of the people. The method used is Brasstacks, and usually the delivery is by the clown prince of Cabinet Dennis Kellman.
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The Nation has a decent editorial about the Globe and Mail article. It is all about stoking confidence.
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See this comment following the article
“kj_ashby
As a Bajan (a Barbadian) who is Canadian and who visits many times a year, I can tell you that the fault is customer service and the entrenched island malaise that creates the worst banking experience ever. Hour long lineups just to exchange money, a lack of anything resembling customer service is beyond unconscionable. I am a CIBC client and a First Caribbean client (only out of necessity) and the experience is like going from a first-world country to a tin-pot dictatorship though their branding and marketing would lead one to believe you are working with the same entity. The lack of anything resembling a decent customer experience leads me to keep my money in Canada and not re-invest in my homeland – a very sad but true state of affairs”
If Mr. Ashby is able to visit Barbados several times a year he is reasonably well-off, and has some money to invest.
If the reasonably well-off in the diaspora are not prepared to invest in Barbados, how can others be expected to invest.
And Government reaction to an obviously well researched article by a highly regarded financial writer in a widely read ?
UTTER RUBISH
Thank God for CHINA – and for BUTCH
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@ac March 1, 2015 at 8:07 AM “could not help but to direct readers attention to the article as the writer opening salvage is a direct attempt to do a hatchet job on Barbados which like all other carribbean countries have had to face the grueling effects of the worlds economic downturns .however in the final analysis the writer had to face the grim reality that banks themselves had played a pivotal role in their luck luster performance and share equal or most of the blame
Good bless barbados and may it continue to prosper in spite of the naysayers here and abroad,”
CORRECTING: “I could not help but to direct reader’s attention to the article as the writer’s opening salvo is a direct attempt to do a hatchet job on Barbados; which like all other Caribbean countries have had to face the gruelling effects of the world’s economic downturns. However in the final analysis the writer had to face the grim reality that banks themselves had played a pivotal role in their lack luster performance, and share equal or most of the blame. God bless Barbados and may it continue to prosper in spite of the naysayers here and abroad.”
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Interest Rates (Interest Rate policies or Interest Rate effects) are already total abominations to the proper fostering of the financial affairs of the country.
And this is so whether they are imposed by the respective Interest Rate policies regimes of the monetary authorities on other core financial institutions that at whatever times are made to hand over such interest in the form of monies to the monetary authorities; or whether they are agreed between the relevant representatives of the relevant core financial institutions and their clients, to be charges in the form of monies (money transfers) that are handed over at whatever times by the clients to the said relevant core financial institutions out of their respective greater remunerations; or whether they are agreed between the relevant representatives of the core financial institutions and the particular savers of remunerations at the said financial institutions, to be benefits in the form of monies (money transfers) that are actually given at whatever times by the latter to the former out of monies found within the said institutions.
Such impositions, agreements and actual money transfers take place against the backdrop of earlier arrived at false and fictitious fraudulent financial and computational modalities.
A substantial aspect of the rotten ideologies, philosophies, and psychologies that have been and are continuing to inform those types of modalities and consonant actual physical human financial behaviour is that actual false fictitious fraudulent cosmology that MONEY MAKE MONEY and that MONEY COST MONEY.
Indeed, the fundamental and incontrovertible truth is that MONEY CANNOT MAKE MONEY and that MONEY CANNOT COST MONEY.
PDC
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Hon: Alex- Mitchell:El said,
in March 1st, 2015 at 4:56 pm
March 1 2015 the time now past The CUP ran in the election and on July4th a threat of a BOMB was called in the HIGH COURT on WHITEPARK ROAD , NO NEWS REPORTED , We where there for the returns CUP.After the vote buying of the Now PRIME MINISTER AND THE AG HIMSELF,
THE BANKS of the WORLD NOW SEE that Massive Land PONZI FRAUD of land , money laundering,false records , a now ex COP , crook MOF ,the Central Bank , Ex Marion Williams,Sir Richard L Cheltenham , Sir CO,Williams the Royal Barbados Police Station Sgt Mark White has yet to come forward with the FINDINGS OF THIS INVESTIGATION THAT HAS NOW EXPOSED CLICO MONEY AND LAND LAUNDERING , SAME WITH SARGICO Corporate Office now to be leaving after 175 years,Wildey St Micheal a crook lawyer Jennifer King, So now the news reporting as we have been saying years NOW and ago that from all land need to have a CLEAR TITLE , BARBADOS HAVE NOT CLEAR TITLE STANDARD AND THE LAWYERS AND MINISTERS RUNNING THE COUNTRY IN THE GUTTER,
I AM THE HOLDER OF ALL DEEDS AND TITLE THAT THE GOVERNMENT CAN TO SHOW, FOR THEY HAVE REWRITE THE LAND REGISTRY BOOKS AND HIDE OR REMOVE THE RECORDS FOR THE ARCHIVES,
HERE IS THE CLEAR TITLE FOR BARBADOS OVER 300 PLANTATIONS , QUEEN BEATRICE HENRY DIED 93 TO QUEEN VIOLET BECKLES DIED 92 TO ALEX MITCHELL OF BARBADOS,CAN BE REACHED AT alex.alex99@gmail.com USA number 516 495 6270 ….. IDB took back 60,000,000$ in 2014 and now in 2015 they took back 160,000,000 for the 4 season project , we also hold the PLANTATION DEED FOR THAT LAND , CLEAR TITLE TITLE TO LAND GOES BACK 70 YEARS NOT 20, MUST GO BACK TO THE PLANTATION DEED. WE HAVE THE PLANTATION DEEDS SOME GOING BACK TO 1885.
BUY NOTHING IN BARBADOS TRUST NO LAWYER NOR MINISTERS TRUST THE OWNERS,
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anyone notice the highest ranking reader’s comment on the globe and mail article?
DonaldBest.CA 2 days ago
The “ugly downturn sweeping through the Caribbean” as the article calls it, is the result of many factors of which the banks are only a part of the story. The failure and corruption of local leadership in many of the Caribbean’s small island nations has a great deal to do with the severity of the current situation and the bleak future prospects of the primarily tourism-based economies.
For instance, in the aftermath of the 2009 collapse of CL Financial, CLICO / Colonial Life Insurance Company the auditors determined that the law firm of then Barbados Prime Minister David Thompson had money-laundered US$1.7 million from CLICO to the godfather of the Prime Minister’s children, Leroy Parris. (Source Nation News: http://www.nationnews.com/nationnews/news/9234/story-legal-fees-parris)
That is only one story of hundreds of similar stories throughout the Caribbean. Instead of building for the long-term future of their countries, Caribbean politicians have regularly shown that they are more concerned with their personal Swiss bank accounts. Now that the gravy train has stopped, the ordinary good people of Barbados and elsewhere throughout the Caribbean are left with collapsing economies, no savings and nothing left to sell.
Don’t blame it all on Canadian banks.
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BARBADOS BANKS AND PONZI SCHEMES
FIRST CARIBBEAN INTERNATIONAL BANK had excess cash accounts of over $100,000,000 (ONE HUNDRED MILLION DOLLARS) and they didn’t know who the money belonged to. That money was not, as required, turned over to the Central Bank of Barbados for notices to be placed in local newspapers in a timely manner. Bankers got rich and by the time the auditors moved in, the balance of said cash accounts were sent over to the Central Bank.
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WELL WENT TO BOTH BANKS AND HAVE THE PAPER WORK TO SHOW THAT BOTH BANKS SAID THEY HAVE NOTHING ,, SOME THING HAVE TO BE THERE , TO MUCH MONEY AND NONE TO BE QUEEN BEATRICE HENRY?
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all of what we said was and st5ill truth as the meeting in the Bahamas with Prime Minister Browne said it all HIGH RISK , stop long talking nothing matter unless you have clear title to land,
Clear title to land , banks need to give loans on 4 seasons or in the city , IDB took back 220,000,000$ for MOF do not have clear title to land the DLP nor BLP bought from the owner, The government do not own no PLANTATION.
LOOKING FOR QUEEN VIOLET TO DIE TO TSKE OVER HER LANDS FROM QUEEN BEATRICE , AND LAUNDER HER MONEY , FIRST CARIBBEAN TOOK OVER HER ACCONUTS WITH SIR RICHARD L CHELTENHAM AND SIR COW,
NOW WE SEE THAT THIS FRAUD BANK WAS OVER LOADING AND HIDING 100,000,000$ IN OTHER PEOPLE MONEY AS THEIR BASE,
HOW LONG WILL IT TAKE FOR BAJANS TO UNDERSTAND AND TO KNOW WHAT WE HAVE BEEN TALKING ABOUT IS TRUE,
WE KNOW WHEN, WHEN IT GET TO CNN,ABC , OR EVEN THE BULLSHIT TV GOOD MORNING BARBADOS ,
MORE TO COME ON THE MANY WAYS OF FRAUD LANDS PONZI FFFING UP BARBADOS,,,, TRUST NO LAWYER THAT YOU DONE KNOW OR MINISTER,
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This is from the Wild Coot
WILD COOT: Central Bank in a tizzy
Harry Russell,
Added 02 March 2015
WILD COOT: Wool over eyes
“You want to repair your hotel? You want working capital? You want . . .?” Is the Central Bank becoming a commercial bank? Why is the Central Bank doing this?
Is it not a regulatory body? Quis custodet ipsos custodes, according to the Greeks? Who will guard (supervise) the guardians? Sir Courtney must be tearing out his hair.
The Central Bank of Barbados is making a farce of banking and it begs the question, do we miss a local bank? Recently a banking executive disclosed that the perception of controlling head offices outside of Barbados is that the economic climate is not conducive to lending. Therefore the Central Bank is trying to fill the breach.
When coupled with the revelation that a well known citizen holds a deposit there of $5 million, one wonders if more affluent citizens will or have also been accorded this privilege. Many people have raised eyebrows at the revelation, but like everything else, it is a nine-day wonder although a few people have asked the Wild Coot, is this thing legal? Sure, the Central Bank is a bank and it can
do banking. Its objectives are wide.
The big question is, why are the commercial banks not making the kind of loans espoused by the Central Bank’s appeal? More importantly, are the loans offered by the Central Bank targeted to totally new customers or are these loans additional to failed loans already lent by the commercial banks? If they are, what does it do to the balance sheet and the viability of the hotels/restaurants, small businesses? Are we now that desperate? If I were a commercial banker, I would make sure that such loans do not rank pari passu with my facilities.
For the Central Bank to embark on this overtaking, it must have liaised with the Ministry of Finance and this ministry would be aware of the many Government institutions/agencies that try unsuccessfully to imitate a commercial bank. Why not start our own bank? It is not difficult or costly. Either a commercial bank or a development bank.
The Wild Coot outlined in the article referred to above the advantages of a customer working with a commercial bank. A Central Bank is poorly equipped to undertake commercial banking.
Desperation stalks the land, and no bird sings. With the Central Bank entering the area of commercial banking, the problem we are seeing with inordinate fees and charges of the commercial banks is compounded. The commercial banks will dig in. Banks will find more ways to institute charges. More than anything, the root problem is not being tackled and what the Central Bank is attempting shows us that it is lost. Perhaps establishments and organisations that can help us are reluctant to do so because they see that we are obtusely heading in the wrong direction.
To exemplify the scant regard for the common sense of the people and to fly in the face of irrefutable evidence, we get people saying that there is no vote selling and buying during elections; that there is no corruption in Barbados; that the country is well because schools are open and ZR vans ply routes daily. What about the bills not paid, the businesses strangled, the unions neutered, the promises not kept for the university students, and the list goes on?
I quote from my article. “A commercial banker grants a loan to a weak entrepreneur and lays down certain stringent conditions. He is in daily contact with the customer as he monitors the fluctuations on the account. He can see the daily transactions through the cheques being drawn and received, as well as the daily cash flow.
The banker can give advice, as he is aware of the trends in the marketplace. When necessary he can rein in the customer; even visit the customer’s place of business. None of these things is the Central Bank equipped to do, as it is not au fait with the daily movements of the loan account/overdraft or the credit balances of the customer.”
However, the face of banking is changing in response to the financial times. Discretion is no longer with branches. That makes what the Central Bank is attempting even more unrealistic today. The saying about angels fearing to tread comes to mind.
See more at:
http://www.nationnews.com/nationnews/news/64225/wild-coot-central-bank-tizzy#sthash.xK54d5ie.dpuf
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Canadian Banks are public companies owned by shareholders. It is a capitalist model. Performance is measured by profits. Banks are not charities. From a banking perspective the tourism industry is not one that would be viewed favourably given its current state. If you work in the tourism industry the banks would need to handicap your ability to repay a loan or mortgage. It is further complicated by dealing in a currency that has no ability to be exchanged for US$. Add to that the Clico mess along with increased scrutiny from tax authorities and then ask yourself what a banking executive would be thinking long term. It is simple, if they cant make money they wont be here. Capitalism is about how much money can be made today and in the future. Money made yesterday does not count and nor should it.
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In order for remunerations (nominal) to be provided by some persons to other relevant persons, in the commercial business sectors of Barbados, including the government sector, money must be given by the said some persons to the said other relevant persons.
Thus, the false fictitious fraudulent numbers and figures (as are contained in cheques, debit and credit cards, etc) that have NO basis whatsoever in money, or its uses by many persons, CAN NEVER REPRESENT REMUNERATIONS (nominal), which however though have their bases in money and the uses of money by those respective persons.
By the government sector and some people within other domestic sectors of Barbados profoundly relying on many others, first, to make use of money and for whatever purposes (say, saving some of the same money that is saved over and over by persons using the same core financial system, or transferring it as representative of forms of debits by many persons to the core financial system, or as representative if forms of credits by persons to the core financial system) and, then, for them to get others ( the same core financial system) to make use of money on their own behalf, as REMUNERATION TRANSFERS (nominal), to those people that have been providing the government sector and the particular set of people in other sectors – NOT FULLY or PROPERLY making uses of money – with their own intellectual, academic, technological, technical, vocational commercial social human services, categorically means that the government sector and the particular set of people in other sectors ARE THEREFORE NOT giving remunerations to the persons that have been providing services to them.
But, even as they continue to issue – in a financial sense – very useless checks to their own workers and to people who do business with them, they continue to rely on the core financial system to carry out their obligations – to give remunerations to the said persons who work for them or who do business with them.
What a recipe for eventual, utter financial disaster at the national levels of this country!!
And with the core financial system of the country being too burdened with countless impositional strictures of the government of Barbados, like the amount in false, fictitious, and fraudulent numbers and figures, the government has been providing to them, and that they have to take up falsely purporting to be taking up government paper – but while in cases of the remunerations of persons and other entities having invested in government paper – and in most cases of such being invested and still NOT involving the use of money, that they have to redeem in money on maturity of the investments on the behalf of government; with their having to discharge of their financial responsibilities to provide savers with their saved remunerations when they need it – and sometimes some of them with stipulated notice provided to the financial institutions concerned; and with their having to act as financial agents of the government and others, do show – in substantial part – why – but for the wrong reasons – foreign banks are – and and owing to many “repercussions” of their own false fictitious fraudulent checking, credit and debit card policies – gradually downsizing their entire operations in Barbados.
Indeed, it is the core financial system of Barbados and by extension savers and debit transferors of money to it – that have been over time increasingly preyed upon by the government of Barbados to help it achieve its own narrow demonic discursive and chaotic fiscal financial ends.
Both the Damned DLP and the Blasted BLP must go or be forced to go in the forseeable future in this country.
PDC
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Imagine a businessman – who is known to our political party – having sometime ago told us that he did some business with the government of Barbados – and this was a little time before he actually told us about this same set of business he did with them – and how upon completing the business, having to receive an NIS check from the particular government department, and having to take it to Republic Bank, before eventually getting money from the said Republic Bank.
Now, the government department he did the business with did not provide one red cent in remuneration to him, but the bank that he did no commercial business with ended up giving him remuneration in the form of money, on behalf of government.
So, what an outrageous scandalous state of affairs as in government’s way of securing remunerations for its workers and persons doing business with it and for securing pensions for pensioners, on its own behalf, from some financial institutions in this country.
While the money was expressed as a remuneration to the businessman from Republic Bank, and indeed all the monies whenever received by all the other business persons doing business with government, from the relevant financial institutions are expressive of remunerations, and the money whenever received by all workers of government, from the relevant financial institutions expressive of remunerations too, upon their doing work for the government, only because the government would have been having accounts at Republic Bank, in consideration of the case of the businessman, and would have been having accounts at all the relevant financial institutions, in consideration of all the cases of the other business people and all the government workers and pensioners, the mighty truth though is that government has been fundamentally wrongly dastardly putting monies in Republic Bank and in the other relevant financial institutions WITHOUT – at the same time or whenever – having got its own REMUNERATIONS from other entities (having got goods and services from them), and thereafter having been placing many of them in the form of money in the said Republic Bank and in the said other relevant financial institutions in this country – as all viable local or locally based commercial business enterprises do whenever.
What stark absolute madness of the highest order!!
The Damned DLP and the Blasted BLP must go or must be forced to go in the foreseeable future in this country.
PDC
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