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Financial Services Commission Issues Cease Trade Order on Government Securities

The decision by the Financial Services Commission (FSC) to suspend trading in government securities effective 5 July 2018, although routine based on government’s decision to default on debt, the implications will not be. If the unconfirmed news that Avinash Persaud is the Chairman of the FSC, it is understandable why Prime Minister Mia Mottley prefers…

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avinash_persaud
Avinash D. Persaud, Chairman of the FSC (?)

The decision by the Financial Services Commission (FSC) to suspend trading in government securities effective 5 July 2018, although routine based on government’s decision to default on debt, the implications will not be. If the unconfirmed news that Avinash Persaud is the Chairman of the FSC, it is understandable why Prime Minister Mia Mottley prefers a team player. The blogmaster understands the routine of the changing of the Boards once a new government or Minister takes charge although there is nothing that would have prevented his reappointment.

116 responses to “Financial Services Commission Issues Cease Trade Order on Government Securities”

  1. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    And therein comes the conundrum

    We, rather you the BU commentators, even with the Anonymice Names, fear being fully open CAUSE WUNNA HAVE TO KEEP WUNNA MOUT CLOSED else feel the wrath of the Night of the Long Knives.

    So you are entrapped in your substantive jobs because you cannot speak out about the wrongs OR THE INEFFICIENCIES cause wunna fear de bosses buth then wunna rushing home at 4.30 cause wunna asses fraid of being outside after 6 when the street lamps come on and the other criminals killing wunna in the streets and at the ATMs.

    So what is de difference between wunna and de ole man dat got he acting so sanctiminous and talking big and powerful?

    It is the realization and full acceptance of who I am and what is my purpose and my destiny.

    I am a poor black man whose purpose is to give of himself to his country and is destined to die at a time appointed by My Creator.

    Fumbles, nor Stinkliar, Nor Dale Teets not Mia Mottley DOES NOT CONTROL DAT.

    The only way that we can change this is by DEMANDING MORE OF OUR SO CALLED LEADERS.

    If dem is teifing AND YOU GOT THE CONTENTS OF DEM HARD DRIVE TO SHOW DAT DEM IS TEIFS let them know it, after you send de spreadsheets/contents to a safe place of course.

    This ransom of the citizens HAS TO STOP, wunna gots to do wunna job dat you getting $17,000 a month to do.

    My grandson already has a Stoopid Poster mek up for Gline Clarke RH for his brilliant HoA speech and when he get home later today after Pudding and Souse he say he gine send it to de ole man and I gine share it with wunna so that wunna can whatsapp it to wunna friends to show the absolute gratitude of this MIA CARES TEAM MEMBER who in 50 something days want a pay raise WHILE DE CUNTRY IN DE EFFING HANDS OF THE IMF.

    I would fire his scvunt immediately effing i was Mia.

    I would mek and example uh he

    Steupseee

  2. Bernard Codrington Avatar
    Bernard Codrington

    @ David BU at11:57 AM

    I recognize this. That is why I expect a higher level of engagement / argumentation; and not the reductio ad hominem that surface from time to time.

  3. Georgie Porgie Avatar
    Georgie Porgie

    “the reductio ad hominem that surface from time to time” ARE REQUIRED WHEN PEOPLE COME HERE CLAIMING TO BE PELLUCIDLY CLEAR ABOUT THINGS THEY DONT KNOW ANYTHING, AND THEN SUGGESTING THAT OTHERS ARE IGNORANT OF THE SAME MATTERS, of WHICH THEY, AS EXPERTS, ARE REALLY TRULY PELLUCIDLY CLEAR ABOUT.ah lie? .

  4. Piece Uh De Rock Yeah Right Avatar
    Piece Uh De Rock Yeah Right

    So de grandson come home and do dis one for Gline Clarke with a letter which reads

    To: The Voters of Barbados Date : Just 50 days after being elected

    Subject: MY PARLIAMENTARY SALARY IS NOT ENOUGH…

    Dear Bajans

    Just when wunna is about to suck salt from the IMF I wants wunna scvunts to know dat my $17,000 per month and $204,000 a year is not enough.

    Can Wunna expect my MP ass to “augment my salary from the Treasury…?? Enquiring minds want to know…

    https://i.imgur.com/UuOoQBF.png

  5. Mariposa Avatar
    Mariposa

    Gline Clarke is no fool just being the messenger for the 30 reminding Mia of a promise she made
    Just notice how Mia has not made a peeping sound to distance herself from Clarke comments

  6. David Avatar
    David

    Government Pension Information

    In order to qualify for a government pension an officer must accumulate a minimum of ten years pensionable service and be in the Public Service at the point of retirement.

    Government utilizes the annual salary to perform pension calculations. To perform the calculation the years of service must first be converted to months.

    The maximum pensionable service used in the calculation of a Pension and Gratuity is four hundred (400) months or thirty three and a third (33 1/3) years.

    The minimum pensionable service used in the calculation of a Pension and Gratuity is one hundred and twenty (120) months or ten (10) years.

    Calculation of pension is partially dependent on the position held by an individual at the time of retirement.

    If an employee is at the maximum point of the position salary scale or is in a fixed salary position, the last annual salary will be used to calculate the pension.

    Where persons act in a higher position for a total of three years continuously or accumulated within the last five years of pensionable service, the pension can be calculated based on the average salary.

    If a person dies in service, the gratuity will be calculated and made payable to the deceased person’s estate. Any arrears of pension also becomes payable to the deceased person’s estate. At death, pension ceases.

    The widow and/or children of a deceased male officer, who was paying a Widows and Children Contribution, are entitled to a Widows and Children pension. The widow is entitled to half and the children are entitled to a quarter; if there is more than one child they are entitled to half of the deceased male’s pension.

    The male officer can claim a refund of his Widows and Children Contributions at retirement if there is no beneficiary. A refund also be claimed if married and divorced after the divorce becomes final and after the death of the wife.

    Government allows for at least six months to complete the paperwork for a pension and gratuity before it can actually commence. It is therefore a good practice to indicate the retirement date early and submit appropriate documentation to allow for processing time.

    The last department that the pensioner worked at has to prepare the retirement form.

    http://www.treasury.gov.bb/content/government-pension-information

  7. David Avatar
    David

    Pension Reform Issue A Complex One

    admin June 2, 2014 Top Stories

    This island???s Minister of Finance, Christopher Sinckler, has described the pension reform issue in the Caribbean as a complex one which should not and could not be reviewed with tunnel vision.

    Instead, Mr. Sinckler expressed the view that the issue should be explored by technocrats who possessed the competence to see the entire picture, so the most appropriate solutions could be found.

    He made the comments today while addressing the Caribbean Association of Pension Supervisors??? 2014 Conference and Annual General Meeting at Hilton Barbados.

    Acknowledging that the demographics of Barbados and the Caribbean were changing, he said persons were living longer, having less children and expecting more from Government???s social services.

    ???These demographical changes are at the heart of the assumptions used for pension planning, and the material change in these circumstances means that those persons administering pension plans have been forced to reform the assumptions used in administering the said plan.

    ???We have, therefore, seen periods where defined benefit pension plans are no longer popular and have every possibility of actually becoming extinct to new entrants ???. We have seen the underfunded multi-employer plans grow in North America and through the popular establishment of defined contribution plans, we have seen a shifting of the investment risk in a pension plan reform from the employer who is sponsoring the plan, to the employee who is participating and contributing to the plan,??? he stated.

    He pointed out that this trend was also being seen in Barbados and disclosed that to date, approximately 300 occupational pension plan applications had been submitted to the Financial Services Commission for registration under the Occupational Pension Benefits Act. According to him, that number comprised 189 Defined Contribution Plans and 98 Defined Benefit Plans.

    Mr. Sinckler praised the work of the Financial Services Commission in Barbados, saying he was pleased with its progress. He told his audience that the World Bank and International Monetary Fund had issued a positive review of the Commission last year. ???We still have some way to go, but I think we are on the right track???,??? he stated.

    Sixty persons are attending the two-day conference, which has as its theme: Planning and Strategising for Pension Reform.

    sharon.austingill-moore@barbados.gov.bb

  8. David Avatar
    David

    EDITORIAL: Address issues in public service pension plan

    BARBADOS NATION,

    Added 18 March 2015

    THE APPEAL BY Minister of Finance Chris Sinckler for public officers to defer early retirement requests and not act on rumours gives us cause for thought.

    So serious is this situation that our legislators should discuss the sustainability of the existing pension plan for state employees during the current Estimates debate.

    Public officers form the largest group of employees and the viability of their pension plan can have an economic impact on the wider society. Unfortunately, many Barbadians do not take significant interest in their retirement benefits until it is too late.

    Many of them, from both public and private sectors, do not understand the full scope of their entitlements after retirement, and expectations are often greater than the reality.

    This country’s civil servants are in a defined benefit plan and the established view and attitude of beneficiaries, past and present, is that the money is there, and always will be. After all, Government will not go bankrupt, it will not go out of business and there will be no merger or acquisition of its core business; so pension funds are not at risk.

    But we see how unsubstantiated talk of the taxing of gratuities has created a level of fear amongst many public officers. They appreciate recent history, which shows that there are really no guarantees about any financial product and risks abound.

    Auditor General Leigh Trotman has addressed the issue of the defined benefit plan in his latest report in which he highlighted the large unfunded pension liability on the part of Government, which is approximately $4.3 billion, following the 2014 actuarial review.

    His comments and Mr Sinckler’s appeal suggest that there are key issues to be addressed.

    The public, and not just civil servants, must be assured that the existing pension plan must be well managed and should address some key issues: that benefits are fair and predictable, and contributions are not only accounted for but also well funded. In this regard, the results of the latest actuarial review of the plan should be publicly discussed to state if any changes should be considered.

    Pension reform is a must so as not to cause a national financial catastrophe, since it is clear that without changes to the prevailing defined benefits plan, the problem will only continue to grow.

    The public sector must meet its commitment to retirees and participants already in the system. Going forward, the system must not only provide generous retirement benefits but also encourage greater control of personal retirement savings.

    Barbados cannot allow a time bomb to be ticking away slowly – as it relates to the management of public sector pension funding – with the potential to undermine the country’s fiscal health.

    The looming crisis will not disappear and we should not wait until it actually arrives. Doing nothing is not an option.

    http://www.nationnews.com/nationnews/news/64968/editorial-address-issues-public-service-pension-plan

  9. NorthernObserver Avatar
    NorthernObserver

    @TG
    I am not qualified to give any lesson on the BSE. The return on locally listed firms is not the best. While their shares are available, versus the many private companies, I would stick with the exchanges closer to your home.
    Appreciating there are several yardsticks by which to measure success, Mr Codrington referred to the BSE as a failed experiment. He is correct by several measurements. There certainly has NOT been many (any?) firms using the exchange to raise capital via equity offerings. It has provided a public platform by which Bajan controlled operations have been sold to others…BS&T, Wibisco, WIRR, Banks Holdings etc The ‘cross listings’ gave them gurkha, though Sagicor is still cross listed.
    It would seem to me, given the limited volume of many of the neighbouring exchanges, a Caricom Exchange (for lack of a better word) may make some sense. Cut costs and increase exposure.

  10. NorthernObserver Avatar
    NorthernObserver

    Wonder when article #1 was penned….male vs female??
    A huge unfunded liability however one looks at it.

  11. William Skinner Avatar
    William Skinner

    I have promoted this blog almost on a daily basis. Quite frankly a lot of nonsense was given respectability, by the blogmaster, on the grounds of freedom of speech: we had a cuss bird who would never behave so , in any other forum; we have a regular contributor, who wrote several articles openly accusing former government ministers of stealing and owning properties without one iota of evidence; we had some dangerous apologists for both the BLP and DLP submitting pure crap and engaging in smearing each other and I could go on and on.
    I hold no brief for Hal Austin, quite frankly we often disagree but I know for a fact that he is highly respected by those who grew up with him and has always enjoyed robust debate. However on numerous occasions , he was cussed stink stink with real cuss words, that I found very disrespectful.
    Then the blogmaster(David) started calling anybody who opposed him jack asses. In recent times he has resorted to calling people RH (rass holes). How can we build a future when people in leadership set such dismal standards ? How can we seriously blame or cuss the political class, when we engage in similar behaviour ?No wonder then we now have a cabinet minister , who the taxpayers educated telling another MP to haul he monther c***. Another wun pull he gun pun another wun and nutten happen.
    By now BU should have evolved into a powerful information tool , with wide and varied discussion on all topics related not only to Barbados but the entire Caribbean and world.
    I would bet my life , that if the Black Star newspaper of the 60s and 70s , had the opportunity of BU, at least 75% of the problems we have now , would have been solved because back then the apologists of the decadent BLPDLP regimes would have at least conducted themselves with better deportment.
    I invited a fellow Barbadian living in Germany to read this blog. He read it once and asked me: Do dey allow people to cuss so in a public organ. He never read it again. I still begging he to do so because BU is a good organ; I want it to be great.
    Now wunnuh cud go ahead and cuss me !!!

  12. T.Inniss Avatar
    T.Inniss

    William Skinner

    I don’t know why but I find myself agreeing with you often.

    1) I wholeheartedly agree that BU is a good blog which I desperately want to succeed.I believe that there are a few persons posting as BU,hence the strident tones used sometimes.However, there is one of the personalities of BU that I have a lot of time for – a very reasonable fella.

    2) I agree there are specific persons – some who are supporters of the BLP and others who admit to being senior in years – whose language can be foul – that it renders your attempt to read their contribution – a distasteful act.

    I have mentioned this to the blog owner as it relates to the cussing.

    You see I often think of the age groups who might be reading these posts (especially the younger ones), and I think that instead of lowering the standard of this site we should be attempting to make it the best in the region – the ‘GO TO PLACE’ for informed views on specific topics, for humour, or an exposition on things legal,political etc.

    Already we see a few regional contributors coming to BU to post their articles.

    Finally, I too have come to the defence of Hal Austin – for the harsh attacks not merely on his contribution but on his persona.

    There are some contributors – and they know who they are – who cannot dis assemble and destroy an argument but repeatedly show their shallowness by always attacking the contributor.

    A case in point is Mariposa.Whether you reject or accept her arguments – she usually posts her views,never resorting to all the shameful attacks on her but repeat her arguments over and over, – but just check the BLP ‘Hit Squad’ – and see how – like Hal Austin- she is told how stupid she is and all the other insulting remarks and descriptions about her – what part of the female anatomy she is etc.

    Yet every day she comes on and puts her view and is seldom if ever as offensive to contributors personally.

    Now sit back and watch the response.Ha ha.

  13. External Debt Default WATCH! | Barbados Underground

    […] by the Financial Services Commission (FSC) to cease trading in government securities – Financial Services Commission Issues Cease Trade Order on Government Securities immediately after winning the government on the 24 May 2018. The FSC communication indicated the […]

  14. David Avatar
    David

    Thanks for promoting the blog William, one thing the blogmaster knows – we will never be able to please all the people all of the time.

  15. David Avatar
    David

    This blog was closed because the focus which is too often the case started to discuss commenters.

  16. Ramona Avatar
    Ramona

    Too often I see these things happening various companies and businesses , I’ve had my own negative experiences , for example Blades courier services , run by Alex Blades is a fraudulent operation , I am highly dissatisfied with the service . My requests for service are usually met with sexual harassment amongst other profanities .

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