Response by CIBC First Caribbean International Bank to the Offer to Buy the Property of Ann Riley-Fox

CIBC First Caribbean is one of the largest banks in Barbados

CIBC First Caribbean International Bank

The Fairness in Action Committee sent an offer to CIBC First Caribbean International to purchase the property highlighted in an earlier BU posting (see link below) from which Ann Riley-Fox was evicted.  The bank’s  attorney –Hastings Attorney-at-law – responded with this disturbing letter – see attached.

Another  letter was hand delivered to their attorney urgently requesting clarification on the following extract from the letter, “the matter had engaged the attention of the Court” which was the reason given for not accepting the offer.

The said property was advertised for sale to the public in the Nation News Paper.

See related link: Fairness in Action Committee: Save the Home of Ann Riley-Fox

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67 Comments on “Response by CIBC First Caribbean International Bank to the Offer to Buy the Property of Ann Riley-Fox”

  1. Well Well & Consequences December 11, 2016 at 6:34 AM #

    Leodean Worrell (formerly Chrysostom) is Randal Worrell’s wife, she herself has an iffy, shady reputation. Was Worrell the judge in this matter, if it went to court.

    The profession has become so rotten, that very few of them can be trusted.

    Liked by 1 person

  2. Lee December 11, 2016 at 8:05 AM #

    Why would a bank want to become a property owner? The precedent would lead to rampant property speculation and corruption. There are good reasons why even the general real estate market won’t accept an offer from a vendor. Blame the banks if you want for not making credit easily available . . . or for not closing down.

    Like

  3. Bush Tea December 11, 2016 at 8:14 AM #

    @ Lee
    Not necessarily the bank.
    It may just be a few well placed crooks therein….

    Like

  4. Well Well & Consequences December 11, 2016 at 9:01 AM #

    It is clear that they all spent quite some time conniving to get this lady’s property away from her one way or the next.

    Avoid the banks if you can, the system is rigged.

    Like

  5. lawson December 11, 2016 at 9:03 AM #

    Interesting maybe the lady still has rights and can rescue the property but it must go through her. Let the rescue fund give her a loan so she can get it back then convert it to a mortgage. The other reason may be all offers must be opened at the same time at a certain date and no one offer can be accepted unless it is for full value

    Like

  6. de pedantic Dribbler December 11, 2016 at 9:40 AM #

    @Lee and BushTea, please clarify where in this matter the Bank seeks to become ” a property owner”. Nothing says that.

    Many of us would not expect to get to Ms Riley situation (too much risk, maybe) but anyone with a mortgage still due and without a bank balance or loan option to cover that outstanding value are but one catastrophe away from her predicament.

    It serves us all well to review this matter carefully.

    Like

  7. Gabriel December 11, 2016 at 12:02 PM #

    It is as clear as daylight what is going on here.I hope Fox has grounds for appeal all the way to the CCJ.Something appears iffy.Somebody already line up to take over.This is the type of nonsense that must end.Read Philip Nicholls book and see the role of Gale and this firm in his experience….the only thing Nicholls didn’t call Gale is not yet in the Oxford dictionary of current English.Trinidad and Jamaica are among two of the countries many of our lawyers,so called,won’t behave like this.There are serious consequences to depriving people of assets without due process.

    Like

  8. Anonymouse - TheGazer December 11, 2016 at 3:37 PM #

    Let me leave the legal aspects to those who are well versed in law.

    Location, location, location.,.
    A few nights ago I was looking at houses for sale in Barbados. The prices were in US $ (Barbados national currency?) extremely high, and many were for sale for quite a long time. Looking at the picture of what I believe is her house, the price of BDS $700,000 seems a bit low. Then again, this may be just what is owed to the bank, or it could be location, location, location.

    Let me leave the discussion of lending of money bo those who are more knowledgeable of these matters than I am.

    But if folks were truly interested in saving the home AND had the required amount of money, then creative ways could be found to have her pay the bank their money, retain her home, but be indebted to them. this could be done by lending her the money (a second mortgage) and by having liens against the home.

    It may be just a matter of who get a good home cheap and the Riley Fox is the loser no matter what the outcome is.

    Like

  9. Anonymouse - TheGazer December 11, 2016 at 3:44 PM #

    Creative ways could be found to have her pay the bank its money, retain her home, and be legally indebted to the benefactors. This could be done by lending her the money (a second mortgage) and by having liens placed against the home.

    Like

  10. Anonymouse - TheGazer December 11, 2016 at 4:12 PM #

    Let me be more clear. If the action was designed to get the house back in the possession of Riley-Fox then I can follow the story; but if it is just about who is getting a good deal on a house I am not interested…

    Like

  11. BaJan boy December 11, 2016 at 5:43 PM #

    Wunnah see how the white people treating we still…then wunnah say slavery done…

    Like

  12. Sargeant December 11, 2016 at 6:01 PM #

    @Gazer
    Creative ways could be found to have her pay the bank its money, retain her home, and be legally indebted to the benefactors. This could be done by lending her the money (a second mortgage) and by having liens placed against the home
    +++++++++
    I am not a lawyer but those choices would not improve her position, a second mortgage is used to finance other matters not to pay off the original debt, if it is used to pay off the original debt then it becomes the principal mortgage. Of course this may be what the “fairness Committee “ has in mind but considering her circumstances it wouldn’t be a mortgage but a “Deed of Gift” where they will forgive the debt.. As for liens not sure how that would work but where I live they are hard to enforce and unless you can force the property owner to sell to recover your money you are in the middle of St. Lawrence swamp in a leaky canoe without a paddle with brown stuff floating all around you.

    If the law firm says they are constrained from selling because of some legal matter, it probably means that someone has taken legal action against the Bank and they can’t dispose of the property until that has run its course.

    I don’t see any conspiracy to deprive the homeowner of her property, just lawyers following the law but then again I repeat I am not a lawyer.

    Like

  13. Hants December 11, 2016 at 6:09 PM #

    Like

  14. Hants December 11, 2016 at 6:20 PM #

    I am sorry the lady lost her home but the harsh reality is that if you miss mortgage payments you can lose your property.

    In a capitalist society expect no mercy.

    Commercial Banks are institutionalized loan sharks.
    Entrepreneurs have to deal with that reality

    Like

  15. NorthernObserver December 11, 2016 at 6:35 PM #

    “the matter had engaged the attention of the Court”….was the reason given for not ENTERTAINING the offer, not for ‘not accepting the offer’.
    This entire issue from the beginning has been full of ‘half information’.

    Like

  16. Heather December 11, 2016 at 6:55 PM #

    @ Northern Observer, it is a mere choice of words that conveys the same meaning.
    If the bank was so anxious to sell the property would it not have accepted the offer which was delivered the same day that it placed the ad in the Nation Newspaper?

    Like

  17. NorthernObserver December 11, 2016 at 7:43 PM #

    @Heather…methinks it is more than mere synonyms. My interpretation is the bank is not considering offers due to some unspecified legal intervention. Was the ad placed prior to the beginning of whatever legal action is referred to? Has the ad continued to be placed?

    Like

  18. Heather December 11, 2016 at 8:02 PM #

    @ Nothern Observer. You misunderstood. The bank publicly offered the property for sale when it was advertised in the Newspaper. Anyone can therefore make an offer to buy it.

    No ethical bank receiving an offer to purchase the property would refuse an offer.

    It is to be noted that it is the bank and not the court is selling the property.

    The court would not prevent the bank from selling the property to recover its money.

    The excuse given by CIBC is unheard of.

    Like

  19. Heather December 11, 2016 at 8:05 PM #

    On another blog someone mentioned the circumstances that led to Neville Rowe losing his business which was then sold to Bizzy Williams. So we know that something similiar has happened before.

    Like

  20. NorthernObserver December 12, 2016 at 2:31 AM #

    Imagine another party claimed to be owed money, and was seeking the courts approval. The ad is placed. That party notifies the Bank of the their actions, and seeks an injunction to prevent a sale until their matter is concluded.
    The Bank decides not to entertain offers until this other matter has cleared proceedings.

    I would agree the terse and abrupt language of the letter, is not in keeping with a reply to a party who has made an offer in good faith.

    You are suggesting they already sold the property?

    Like

  21. Sargeant December 12, 2016 at 9:33 AM #

    @Northern
    Your point is well taken, I never gave a thought that the property may have been encumbered by a second mortgage or another loan which could give rise to that party making a claim when they became aware of a sale.

    On another note for some people Barbados is endemic that every action is viewed with suspicion and viewed through a black/white issue; a rich/poor issue; a political issue. There was a link which showed that the Bank has also offered for sale homes that were repossessed in other islands, are these homes being sold to benefit some person(s) friendly to those corrupt people at the Bank also? If so corruption at Banks must be rife in the Caribbean and the people at its HO should be doing a wholesale replacement of its personnel.

    Lastly, we don’t know what the “Fairness Committee” offered so for someone to suggest that the Bank is bound to accept a “legitimate” offer just because it was made is logic gone amok if the offer was short of the banks requirements.

    BTW The bank also employs (or used to) a collection agency that repossess automobiles, those dastardly folks at the banks may have it in for people who own cars but are delinquent with repayments.

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  22. Hants December 12, 2016 at 10:10 AM #

    “winding up an estate and dealing with trust companies and banks over a period of 21 and a half years. “f

    http://www.nationnews.com/nationnews/letters_to_editor/91334/winding-estate-trial

    Like

  23. David December 12, 2016 at 11:09 AM #

    @Sargeant

    If there is a second mortgage it rubbishes the earlier claim by some commenters that her property was overvalued. The financial institution approving the second mortgage does so based on the equity in the property not so?

    @Northern
    Your point is well taken, I never gave a thought that the property may have been encumbered by a second mortgage or another loan which could give rise to that party making a claim when they became aware of a sale.

    Like

  24. NorthernObserver December 12, 2016 at 1:28 PM #

    The challenge is the BU threads have been dealing with ‘half information’ from the outset. There are so many various permutations and combinations of possibilities.
    And where a residential property has been used as guarantee/collateral for commercial loans, it expands those possibilities.

    Like

  25. Simple Simon December 12, 2016 at 11:56 PM #

    @David December 12, 2016 at 11:09 AM “If there is a second mortgage it rubbishes the earlier claim by some commenters that her property was overvalued. The financial institution approving the second mortgage does so based on the equity in the property not so?”

    But a valuation of a property is not fixed. A property cold be worth $1 million today, and could be valued at $800,000 six months later if the economy declines.

    Like

  26. David December 13, 2016 at 12:52 AM #

    Have you known property values in Barbados to fall significantly? Do not get tie up with market value and fair market value.

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  27. Hal Austin December 13, 2016 at 3:19 AM #

    The market value of a property – any asset – is what someone is prepared to pay for it. However, the going prices for properties of a similar size and location can often be good guide.

    Like

  28. Simple Simon December 13, 2016 at 3:44 AM #

    @David December 13, 2016 at 12:52 AM “Have you known property values in Barbados to fall significantly? ”

    Yes David.

    An inlaw currently is trying to sell a piece of land in a very desirable neigbhourhood, and was told by more than one real estate agent that if she wants it sold in any reasonable time she should 30% off the assessed BRA value.

    FACT.

    Like

  29. Simple Simon December 13, 2016 at 3:50 AM #

    Or she could do like many Bajans and decide I won’t sell unless I get X. Then the property stays on the market for an infinite number of years, and if it is land maybe no harm is done, but if it is an untenanted house it deteriorates.

    We all know of such houses, the roofs have fallen in, the windows have been broken, the yard is over run with bush, trees are growing in the drains, termites are in the walls…

    Drive around Barbados and see for yourself.

    The marketplace (not the homeowner) determines the value of a property.

    We fool ourselves if we think otherwise.

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  30. charles skeete December 13, 2016 at 4:19 AM #

    Very rational points Mr Sarge very rational.

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  31. David December 13, 2016 at 4:50 AM #

    @Simple Simon

    So we have the marketvalue as determined by BRA and then we have the fair market value which is what the market is willing to bear. In the case of Barbados the two values are significant different. Property values in Barbados have been contrived or manipulated for years by the principal actors for years. There is benefit for a few to maintain high asset values.

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  32. Hal Austin December 13, 2016 at 5:09 AM #

    David,
    The BRA does not determine market value; they determine tax value by putting a value on the property for taxation purposes. The market determines the market value.

    Like

  33. David December 13, 2016 at 10:20 AM #

    @Hal

    Please tell us on average how many property valuations by a QS exceeds the landtax (BRA) valuation.

    Like

  34. Gabriel December 13, 2016 at 11:45 AM #

    Barbados had better wake up and smell the coffee.Independence is nonsense without a bigger unit of bargaining power.Britain left us poor relatively because if that country had a conscience,after 400 years of free labour,hand-me-downs and poor diet no Bajan should be without decent living conditions with all appurtenances and no local albino should have had a say in a union of these territories way back in the 19th century.So fast forward to the 21st century.Barrow say let’s have our independence,flag,song,pledge and wukup.Britain on whom we still depend first passed a law taxing our bread and butter industry.It became cheaper to travel to the Arizona, USA than to Barbados,which is much closer to the U.K.The passenger tax sent our tourism in a tail spin.Some relief came some years later.Then came Brexit.Tourism is in another tail spin because along with Brexit came a weaker pound now trading at 2.46 to the Bdos dollar.ROI on the tourist plant is creating a market of uncertainty and Barbados is no longer seen as a good investment when you add the current performance of this DLP administration and its advisers,in particular the governor of the central bank.I say we are no better off the the British Virgins or Bermuda.In fact we are now worse off since we are hearing of a pending visit from the officers of the federal reserve.

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  35. Hal Austin December 13, 2016 at 2:56 PM #

    David,
    I was just stating a fact: the market value is what the buyer is prepared to pay. People gazump for all kinds of reasons. BRA valuations are for tax purposes only.

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  36. NorthernObserver December 13, 2016 at 3:38 PM #

    The BRA value as HA points out is the ASSESSED value. The BRA then applies a rate to this (mill rate, millage) to arrive at the tax payable. It is “nice” if the assessed value and the market value are approximate.
    The tax authority could lower the assessed value and increase the mill rate and end up with an equal amount of tax?
    As such, land/property tax is a wealth tax, not an income or consumption tax.
    Tax assessments tend to be surgical. The assessed value is relative to lot size, type and size of construction age etc not to the ‘current condition’ or ‘improvements’ which affects market value.

    Like

  37. David December 13, 2016 at 4:52 PM #

    @Hal

    Your definitions are taken as correct, it does not explain though why the QA’s valuation is almost always 10 or 20% above BRA’s assessment.

    Like

  38. Hants December 13, 2016 at 5:08 PM #

    There are ” Valuers” in Barbados.

    http://www.beavainc.com/AgtSearch?classification=valuer

    Like

  39. NorthernObserver December 13, 2016 at 5:21 PM #

    @David
    it doesn’t make any difference?
    The BRA’s value is assessed value for tax calculations not market value. Nowhere I know of is the assessed value relevant to the market value. Other than hopefully properties with a higher assessment will be more valuable than those of a lower assessment.

    Like

  40. David December 13, 2016 at 5:58 PM #

    @NO

    The substantive point is that there is a manipulation of property value in Barbados by the actors with the BRA assessment used as a variable. We can agree to disagree.

    Like

  41. de pedantic Dribbler December 13, 2016 at 6:15 PM #

    @David, you have made an interesting interpretation of property tax assessed values and that from a QA done for purposes of sale of the property. The gentlemen above are of course accurate that the market-value is a marriage of what someone is willing to play, prices for similar properties in the area and too as we all know the location.

    But I find your comments interesting as I am unaware of any locale where folks desire the taxable value to ‘fully’ reflect the market value unless it’s town/county executives who want to reassess an area which has benefited from a significant re-valuation (can be myriad reasons).

    But even in those cases as noted by Northern a change in the tax rate can be effective also.

    Thus a fellow would be completely discommoded if his tax valuation of $250K was reflective of the market valuation which is north of twice that.

    That market rate may be in line with some recent purchases/sales in the surrounding area of equitable size etc but will someone definitely want to pay that higher value for that other property…that is always the big concern.

    So this is always an inexact science. When the tax office reassess the property value to the higher value after the purchase then the owner can’t complain but unfortunately the neighbor next door really doesn’t want to get saddled with a ballooning tax base on the property in which they have lived for 50 or 60 years….but they do.

    One quickly understands the broader context of the term ‘gentrification’ and all it’s attendant ills in those type cases.

    @Simple your 3:44 and 3:50 are perplexing to say the least. Isn’t the 3:44 the function of any sale? It is only completed when there is nexus between the parties and particularly with property that agreement will turn on price. So of course you always ask for 100 and expect to settle for 70 or 65 for a quicker sale….because 70 adequately satisfies your needs

    I would suggest that the majority of the cases at your 3:50 are caused by other key factors other than ‘too high price’. A sampling: family squabbles leading to lack of agreed value as everyone involved wants a mobaton of money; the seller becomes indifferent; property is owned by relative off-island and spitefully refuses to facilitate their local relatives…

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  42. NorthernObserver December 13, 2016 at 6:59 PM #

    The substantive point is that…… there is a manipulation of property value in Barbados by the actors with the BRA assessment used as a variable. We can agree to disagree.

    You lost me. The actors? These are the real estate agents/valuers? They arrive at an estimated market value by taking the assessed value for taxation and adding/multiplying by a factor?

    And what significance is this? That financing operations accept these valuations carte blanche as accurate? Hence property owners are over mortgaged.

    Like

  43. David December 13, 2016 at 7:11 PM #

    @NO

    Now we are getting some where.

    Imagine the contraction in asset values and more scary for the FIs (a few) asset realisation. The subject of another debate.

    Like

  44. de pedantic Dribbler December 13, 2016 at 7:32 PM #

    @NorthernObserver re “And what significance is this? That financing operations accept these valuations carte blanche as accurate? Hence property owners are over mortgaged.”

    And you have certainly lost me with that.

    How can you boldly state “… These are the real estate agents/valuers? They arrive at an estimated market value by taking the assessed value for taxation and adding/multiplying by a factor?” and previously speak of values based on other properties (sold) and make such an assertion!

    Asset values on anything is a function of supply and demand and some ‘economic’ value that those who buy and sell those assets (the market makers) affix to same. That is a simple layman’s comment. I am not trying to quote any economic jargon or such.

    When a Brit waltzes into Bdos and pays some astronomical millions for a property on the coast that previously had a nice comfortable chattel house and was assessed at $250K or some such is that ‘over-leveraged’ purchase the fault of the financing operations?

    The local property owners are no more over-mortgaged than any other risk takers who are flying high with thriving businesses or a high-flying career and gets brought to earth abruptly and unexpectedly and then can’t service his/her debt.

    If the Bdos housing/property market is a bubble then it has been so for many years. So it would be long past time for it to be pricked (and be re-built) than continue this alleged bubbling.

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  45. NorthernObserver December 13, 2016 at 8:13 PM #

    @DIW
    I wasn’t stating anything, I was asking the good Blogmaster if my interpretation of his earlier comment was accurate. (see his reply)

    Like

  46. Artax December 13, 2016 at 9:38 PM #

    So far, an interesting discussion on house/property valuations.

    Firstly, I have to agree with Hal Austin re: “The BRA does not determine market value; they determine tax value by putting a value on the property for taxation purposes. The market determines the market value.”

    Secondly, before calculating a property’s value, some “valuers” may require the surveyor’s plot plan, the architectural plans and a land tax bill, to ascertain the size of the land, house size and recent BRA tax assessment respectively, as well as information pertaining to if the market is stable or “declining,” and an estimated “exposure period.”

    I used the term “exposure period,” which basically means: the estimated length of time the property would have advertised on the market prior to the hypothetical consummation of a sale at market value. In other words, the property, “if hypothetically sold, would sell for its market value only as a consequence of having been exposed in an open and competitive market for a “reasonable time” prior to the actual sale taking place.”

    Simple Simon December 12, 2016 at 11:56 PM #

    “But a valuation of a property is not fixed. A property could be worth $1 million today, and could be valued at $800,000 six months later if the economy declines.”

    @ Simple Simon

    Your above comment would not hold true if the market is stable.

    However, if the market is “declining,” property prices may decrease on a daily basis and the seller may reduce the price in hopes of receiving a reasonable offer within a specific time period (e.g. 2 months).

    For example, I saw a “wall house,” (located in St. Thomas) on which construction was completed in March 2016, being advertised since January 2016 for $410,000. In August 2016, the price was reduced to $400,000. Recently, while perusing Carib List, I saw the price has been further reduced to $395,000.

    The above information may not be useful or relevant to this “discussion,” but I thought I would share it nevertheless.

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  47. TIEFSINOURMIDST December 14, 2016 at 8:41 AM #

    I would be nervous about anything a real estate agent told me these days, dem hungry for a sale and will stop at nothing particularly making people believe dat things bad so bring down the price. Up to the seller to decide of course.

    I would be nervous about anything that Gale is involved in.

    I would be nervous about anything that CIBCFirst Caribbean up to.

    I would be nervous about someone in the bank or someone who has a friend in the bank trying to get the property for far less than it is worth.

    I would just be nervous about it all because the stench is competing with the South Coast Sewage smell.

    Like

  48. Sargeant December 14, 2016 at 10:03 AM #

    It is ludicrous to think that sellers will get top dollar for their properties when the economy is in the sewer (cheeze on bread don’t know how that terminology got in there) it is economics 101 supply and demand. There is an overabundant supply and there are over optimistic sellers never the twain shall meet. In addition, one of the cardinal rules of Real Estate “location, location, location” still applies in Bim. One of my confreres built a home in a development with all the upgrades that one could expect ( I toured it when it was 90% complete) and then placed it on the market for what he considered a decent price, prospective purchasers looked at the property and while they agreed that it was a “nice” home they were not willing to pay that price in what is considered a “Middle class” development particularly when the local village was a quarter mile away. He didn’t want to lower his price but he was able to rent it so his investment is still bringing a return but not what he hoped.

    The lesson is if you build a home in some semi-rural location and decide to sell don’t base your sale price on similar homes in more upmarket areas.

    Like

  49. Anonymouse - The Gazer December 15, 2016 at 12:57 PM #

    Good post Sargeant.

    Sometimes I wonder if it is a mindset that is the root cause of our problem.

    Given the relatively small size of Barbados and public access to the beach, all real estate can be considered as ‘beach front’ property.

    We talk of a tourist belt, when in reality we are speaking of a few miles of shoreline. Given the small size of the island, we should consider the whole island as a tourist belt; then we would be able to motivate all of Barbados to keep the island clean,

    We talk of punching above our weight, but lately when we look at what we have achieve, we have doubts about our weight class.

    We compare ourselves on most matters to the US, when our whole economy may be compared to that of a large city in the US.

    Perhaps if we were able to put aside our ego and our pride and see ourselves as we really are, we might get a good grip on the problems that are facing us.

    Like

  50. Alvin Cummins December 16, 2016 at 12:08 AM #

    It is unfortunate that Reverse Mortgages funding is not considered by our financial institutions. Could anything help this situation before it reached this level?

    Like

  51. NorthernObserver December 16, 2016 at 12:57 AM #

    While the rules/regulations on Reverse Mortgages vary by country, essentially you must have significant equity in the property, such that the Reverse Mortgage becomes the ONLY debt instrument against the title, and there is room for the interest charge to accumulate.
    If the property is already loaded up with debt, there is no equity to “unlock” within a reasonable margin of error.

    Like

  52. Anonymouse - TheGazer December 16, 2016 at 11:41 AM #

    In the mighty US one has to be wary of reverse mortgages. Given thed fact that people look woyh suspicion at banks and insursnce companies, introducing that reverse mortgages in Batbados would compound the problem.

    Like

  53. Anonymouse - TheGazer December 16, 2016 at 11:43 AM #

    The
    With
    Need to get off phone and couch

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  54. Anonymouse - TheGazer December 16, 2016 at 11:46 AM #

    Great comment Northern one.
    The lack of financial education in the general public should also be mentioned.

    Like

  55. Hal Austin December 16, 2016 at 12:01 PM #

    Financial education a job for the media – not lawyers or bankers. A weekly column by a trained and knowledgeable person.

    Like

  56. Hal Austin December 16, 2016 at 12:08 PM #

    Reverse mortgages (equity release) are not a god idea. T|he time to release equity in a home is to pay for long time care in the latter stages of one’s life. Releasing equity to invest in a business is a Faustian deal. Bad financial advice.
    By the way, why can’t financial education be part of maths?

    Like

  57. Hal Austin December 16, 2016 at 12:09 PM #

    good….long term…..

    Like

  58. Hants December 18, 2016 at 8:12 AM #

    “MANAGEMENT OF CIBC FirstCaribbean International Bank is feeling cheerful this holiday

    season as the bank reports a $286.6 million profit for the financial year ended October 31.

    http://www.nationnews.com/nationnews/news/91330/firstcaribbean-profits-usd286m#sthash.HufUTtTg.dpuf

    “the bank reports a $286.6 million PROFIT for the financial year ended October 31.”

    Like

  59. Sargeant December 18, 2016 at 8:58 AM #

    “Lower loan loss impairment expense contributed significantly to this result, as the bank benefited from increased loan recoveries and an improved loss experience. Growth in our core revenue was also a highlight for the year,” the CEO said – See more at: http://www.nationnews.com/nationnews/news/91330/firstcaribbean-profits-usd286m#sthash.HufUTtTg.WfqiwR5J.dpuf
    +++++++++
    In Bank speak that means we have been aggressive in pursuing people who default on their loans and ensuring that we have a viable asset recovery program, Ms. Fox Riley can attest to that. Which headline is better? One stating that the Bank made profits or another stating that it didn’t?

    Like

  60. NorthernObserver December 18, 2016 at 9:57 AM #

    https://www.cibc.com/fcib/pdf/cibc-fcib-group-ar-2016.pdf

    go down to p88, their retail banking sector isn’t making money.

    Like

  61. David December 26, 2016 at 9:17 AM #

    Wild Coot has his say on this matter -he is a retired banker.

    http://www.nationnews.com/nationnews/news/91796/wild-coot-bankers

    Like

  62. Bush Tea December 26, 2016 at 9:39 AM #

    Was that not somewhat like Richard Sealy explaining that the Maxwell sea was safe for swimming…?

    Nobody wants to hear about standard bank policy. The accusation was that this particular bank targets victims to be exploited for the benefit of particulate individuals in the bank and their secret associates….
    …but Coot would be unaware of such occurrences …. just as Sealy is ‘clueless’ as to the workings of the South Coast sewerage plant…. or the ‘South West’ one according to a DLP spokesperson… 🙂

    Like

  63. ac December 26, 2016 at 10:31 AM #

    Bush shit according to your opinions on world views on issues like joe the plumber and the kitchen sink every one is clueless for one who seems to have a better knowledge of knowing what the missing clues are why have u not reserved those clinical and analytical perceptions taking them to a higher level of marksmanship with a bullsseye approach of tackling

    Like

  64. Bush Tea December 26, 2016 at 10:39 AM #

    @ ac
    You seem uncharacteristically UN-Scrooge-like this Christmas…
    Like the man came home for a few days yuh…. ??!!
    No wonder you were looking for recipes…. 🙂

    But perhaps you misunderstand your shortcomings …. You probably mistook a ‘p’ for a ‘d’.
    It’s not fooD that the man wants….
    LOL
    ha ha ha ha

    Like

  65. bajans December 26, 2016 at 11:03 AM #

    Bush Tea, yuh rebel! ha ha ha.

    Like

  66. ac December 26, 2016 at 11:17 AM #

    Budh man the Mr. Says he has to agreed with your observations. They were “bang on” and well placed

    Like

  67. Bush Tea December 26, 2016 at 12:26 PM #

    @ bajans
    🙂

    @ ac
    the Mr. Says he has to agreed with your observations
    +++++++++++++++++++++++++++++++++++++++++++
    Surprise Surprise!!
    Well turn off the damn computer …and free up the beast woman….

    Like

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