Establishing a National Bank, Pie in the Sky or …
Mia needs to keep airy-fairy long term ideas like inter-island ferries and a new national bank in her head and the discussion rooms until they are fleshed out and sources of financing are identified. What she needs to do is call in ministers Prescod and Duguid and find out what short and medium term plans they have for garbage collection and transportation respectively – Bajan in NY
At 3 hrs:11 minutes of the video – Town Hall Meeting with Barbadians living in Brooklyn, New York #WeGatherin – Prime Minister Mia Mottley floated the feel good idea of reestablishing a national bank.
The BU family has discussed this matter extensively, credit unions have been trying for years to establish a credit union bank that of late has morphed to an alliance with Capita, a 100% owned company of the Barbados Public Workers credit union.
The blogmaster has a couple questions.
Section 21. of the Barbados Institutions Amended Act, 2018-51states:
Restrictions on business activities
41F.(1) Subject to this section, a license
(a) on a solo basis shall not incur exposures
(ii) incur an exposure to a person or group in an amount that exceeds 25 per cent of the capital base; or
There are other restrictions that should be of interest for inquiring minds.
How would the government of Barbados capitalize a national bank given its perilous financial state?
Successive Auditor General reports paint a picture of a poor financial governance culture. How would this prevailing culture influence the management of a national bank?