The backbencher (backbench) in the parliamentary system of governance practiced in Barbados has an important role to play. Backbenchers are available to sit on the important working committees of parliament or add to the bench strength of the government if the prime minister is dissatisfied with the performance of members of Cabinet. In an ideal situation backbenchers are free to speak unencumbered by the convention of collective ministerial responsibility.

The quality of the backbench under a Mottley tenure has raised its head again during the just concluded Estimates Debate. The lack of elected members of parliament to form an opposition has created a farcical situation of the government having to manufacturer opportunities to question and probe policies. 

There is a reality that cannot be refuted. The role of an effective opposition in our parliament is an important one. The impact of the Three Blind Mice comprised of Messrs Owen Arthur, David Simmons and Henry Ford to debates in the Lower Chamber immediately springs to mind. The vacuum of a legitimate opposition in parliament was reinforced recently when the public was made aware of the uneventful passing of the Barbados Identity Management Act. Under normal circumstances a legitimate opposition in parliament would have been well placed to amplify concerns during the ‘readings’ of the legislation on behalf of the citizenry. 

The late prime minister Owen Arthur was derogatory in his description of the House of Assembly as being poorakey while a sitting member. The blogmaster recalls during this poorakey era more Barbadians have been followig debates in the Upper Chamber, especially when former senators Caswell Franklyn, Joseph Atherley, Crystal Drakes et al led the charge. 

The inability of members of other political parties to find favour with the electorate for two consecutive general elections has created a dysfunctional system of governance. In the relatively short period before the next general election, the blogmaster’s prayer is that good talent presents to challenge members of the sitting Barbados Labour Party to correct the obvious dysfunction as a good first step to transform the business of governance in Barbados. Frankly it has become an embarrassment to follow current debates in the Lower House compared to the not too recent past the likes of Tom Adams, Richie Haynes, Branford Taitt, Henry Forde, Billie Miller, Bree St. John and others. It should come as no surprise the decline of Barbados coincided with the rise of a poorakey parliament.

How can Barbadians reverse the trend of twenty or thirty diehard supporters of the two main political parties on a Sunday afternoon being responsible for the quality of talent being rotated through our parliament? Some blame the politicians, others blame the electorate- it is your classic chicken and the egg argument.

59 responses to “Haunted by a poor backbench and ‘poorakey’ parliament”


  1. Is that Jeffrey Bostic?

    (second right), who is also chairman of the National Advisory Committee on Disabilities, sitting with his wife Beverley and others who joined him for the thanksgiving service, including (from left) Minister of State in the Office of the Attorney General with responsibility for crime prevention Corey Lane, Minister of Housing, Lands and Maintenance Dwight Sutherland, former Minister of Health and Wellness The Most Honourable Jeffrey Bostic and Senior Minister in the Prime Minister’s Office with responsibility for coordinating infrastructural projects
    Dr William Duguid. (RT)

  2. YIN YANG ☯️ Avatar
    YIN YANG ☯️

    Yin Yang Black and White
    Is Mia’s (or should that be BLP’s) strength her (or their) weakness
    will that be the criticism geared towards them


  3. The only problem with Parliament is that it has ceased to exist since 2018!!

    Quite easy to remedy!!

  4. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @David, not sure the context of your query re Bostic, but my very non-important take away from the pic is that the brother looks very well as a man now over 60 (I would imagine).

    In fact Mrs Hinkson who is next to her husband – the other former minister – would have been (as memory serves) his contemporary briefly when she explored cadetting during her A-level stint at his alma mater (well hers too indeed, but different 😎) … so they all look quite ‘young’ and ready to enjoy this next stage of life.

    I wish them all good health and longevity.


  5. The Electorate in each constituency elected them. We must respect their choice. They voted for the best who offered themselves for election. Respect their choices.


  6. Parliament is not the place for ineffectual debates. It is the place to pass legislation for implementing policies that improve the situation of the citizens.


  7. @Vincent

    Not sure what your point is about ‘ineffectual debate’.


  8. @Dee Word

    The Blogmaster’s point is simple to understand. We have a minister who resigned from a ministry one presumes because it was a bit too hectic for him and there is is now sucking at the nipples of the public purse. A win win?

  9. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @The Blogmaster, I am trying to follow the thrust of your comments and I am flailing badly (as usual, you may say… but …)!

    Seriously tho … yes there is “a dysfunctional system of governance” in PARLIAMENT due to the lack an elected opposition but that is NOT a valid reason for the lack of a “challenge [to] members of the sitting Barbados Labour Party”.

    You spoke recently that David Ellis bemoaned the ‘same ole, same ole’ ‘traditional’ way the DLP and other pols were conducting the people’s business of politics and THIS surely is a perfect example of that…. Yes, clearly a first step is to find talented Bajan but if they are simply aiming to follow that TRADITIONAL model then NOTHING will change.

    Let’s be clear brother: you do NOT need a seat in parliament in this modern era to develop significant and powerful support for your cause (that seat, however, does give you a guarantied stipend – particularly if you are the oppo leader or designated senator).

    In what modern context is it difficult for the DLP or whomever to have quite serious press conferences in the courtyard of parliament; online presentations with the press and also with us Bajans; and other such ‘influencing’ public activities on an ongoing business!🤷🤦

    Politics is about generating enthusiastic support about your message and policies; the DLP’s problem is a big deficit of support/trust because of their failures and the alleged ABJECT corruption!

    They have talented folks but until they can get that monkey off their back they are doomed (mentally) and with a majority of Bajans.

    Oh, I also suggest to you that back in the “not too recent past [of] the likes of Tom Adams, Richie Haynes, Branford Taitt, Henry Forde, Billie Miller, Bree St. John and others” there also was “the trend of twenty or thirty diehard supporters of the two main political parties on a Sunday afternoon being responsible for the quality of talent being rotated through our parliament”. “Poorakey” is relative brother!

    Lots of talent around now as surely the folks above like Bostic or Hinkson or Marshall et al are “talented” individuals and Dr. Yearwood surely is too.

    Converting ‘talent’ into real success is as difficult now as it was for Richie or Branford and Bree … so let’s be clear and realistic about that “classic chicken and the egg argument.”

    I gone.

  10. de pedantic Dribbler Avatar
    de pedantic Dribbler

    Well @David, I don’t know why the minister resigned so maybe you are correct. But regardless of why he resigned tho, his appointment as a chair would ALWAYS have been a political decision that would have allowed him to be “now sucking at the nipples of the public purse.”

    Thus, I am unsure why his situation is any different to the scores of other chairs around the nation now and since Adam was a lad!🤷

    As noted, I see the brother and Bostic etc as quite talented competent folks who have successfully completed professional/academic/life hurdles already … so I’ll reserve judgement on the remark that his post was a “bit too hectic for him” as that does not ‘fit’ !

    Gone again. Peace.


  11. @Dee Word

    “Let’s be clear brother: you do NOT need a seat in parliament in this modern era to develop significant and powerful support for your cause (that seat, however, does give you a guarantied stipend – particularly if you are the oppo leader or designated senator)”

    If the above is a position you seriously hold then we must agree to disagree. The role of an opposition is our system of government requires a formal role of an opposition. Further, there is an expectation by the public that a government in waiting should hone its skills in parliament. It accrues a ‘legitimacy’ if it may be loosely described.


  12. @Dee Word

    You may have the last word on this matter. Your fuzzy argument continues to elude the Blogmaster.

  13. de pedantic Dribbler Avatar
    de pedantic Dribbler

    LOL … one thing I do NOT do brother David … is present “fuzzy” arguments!

    Agree or not … you can absolutely follow the clear 1,2, 3 step process!😎

    So pray tell why is THIS former minister sucking nipples and the many others aren’t???

    Do you know 100% that his post was too hectic for him? And why would that be so … The man knows how to delegate as he has led other processes successfully before??

    And would being a chair of a cause that he has championed his entire life and thus have ‘expert’ and impassioned interest not be perfectly non-hectic for him – assuming your presumption was accurate!

    Come now brother David … am I fuzzy or you mean fizzy 😂… Lata, lata, lata!

  14. NorthernObserver Avatar
    NorthernObserver

    The not-so reported move
    “Credit Suisse said 16 billion Swiss francs ($17.24 billion) of its Additional Tier 1 debt will be written down to zero on the orders of the Swiss regulator as part of its rescue merger with UBS, angering bondholders on Sunday.”
    Fair warning to all those who “think” Boss+ paper is safe. It maybe so as long as this party is in power, but otherwise, just hollow rocks.


  15. @NO

    You should elaborate that this Tier 1 debt is written off at the discretion of management should there be balance sheet pressure? Should be known to investors with eyes wide open. Not condoning the bad situation.

    https://www.reuters.com/business/finance/credit-suisse-rescue-presents-buyer-beware-moment-bank-bondholders-2023-03-20/


  16. ” They voted for the best who offered themselves for election. Respect their choices.”

    I am not certain this is true. They voted for one of the few who offered themselves.
    -x-
    I struggle to understand some of these post. It seems to me as if we are in some way blaming the poorakey discussions to lack of an opposition. It is not necessarily true that having an opposition would improve the quality of the debates, but, you must agree, the quality of any discussion should be judged by what attendees are saying and not what might have been said by absentees.

    Secondly, we will soon hear (again) of how great Mia is and of her great performance. After Mia, who? Surely, with her stellar level of performance, there can be nothing poorakey with what happens in our parliament. Is she the Rumpelstiltskin of Bajan politics where she can turn poorakey discussion into pure gold.
    Like I said, I cannot fully follow the discussion

    I am always amused when these objective pieces take an eeny-teeny bite out of the missing opposition party.

  17. NorthernObserver Avatar
    NorthernObserver

    It is the discretion of regulators. And NEW mgmt refusing to honour prior mgmt’s decisions.
    No different than the new govt in 2016 refusing to honour prior decisions?
    Everything has a risk factor.


  18. Recall, the extremely low voter turnout that we have been experiencing. It would be safe to assume that those turning out are the diehards, the loyal B or the loyal D. No one in their right mind would think of this loyal minority as the best or worst of Barbados. Does it also follows that the politician that we attract are also from the middle, not the best or worse of Barbados.

    What motivates a person to run? Is it always for the national good or (at times) is it for personal advancement? And if it is the latter, then it is possible that we will have poorakey discussions going on between those that are elected or appointed to high offices.
    -x-
    I think of Barbados as on big ball of twine that is tangled in many places.
    How do we fix poorakey parliamentary discussions?
    How do we get good judges and lawyers?

    Should the fix for the legal issues we have start in parliament (laws) or should it start in law school (UWI) or should it start in the home?

    Should we start at UWI or should we start before the screening test?

    Are the solutions we often hear of the correct ones?

    Can we add 185,000 new people with our roads and water supply? Are we solving a problem or creating a bigger one?

    Can we build 10,000 homes in 5 year? We pat ourselves on the back when we manage to build 25 in one year. What happens if we have two or three years of bad hurricane?

    We see new legislation and a thousand new initiatives, but issues like the new republic constitution, FTC and BL&P, digital IDS, exposing our children to a mean and harsh justice system and then allow strangers in the classroom to ask the children what they like are ongoing problems.

    A missing opposition is the least of our problems.

    Someone recently asked “who will bell this cat?”. This cat needs much more than a bell. ——nasia.


  19. “Yet in the case of Credit Suisse, however, the AT1 prospectus made clear that hybrid (AT1) holders would not recover any value.”

  20. Ripgroove (Reimagination) (feat. Top Cat) (Edit) Avatar
    Ripgroove (Reimagination) (feat. Top Cat) (Edit)

    USA wants to dominate the whole world
    but, in Little Island Local Politics BLP yield absolute power
    if, BLP want to implement NWO spying agenda
    they can do so without any push back from an impotent opposition
    but, the people will remember the Governments self serving action
    which was against their wishes and did not serve them
    and will hoof them out of power same way DLP were outed
    and they will have to face the consequences of their ill conceived bloody minded actions which were deemed wrong by the public

  21. NorthernObserver Avatar
    NorthernObserver

    Yes. But the AT1 holders all thought they were ABOVE equity? As an arguably hybrid instrument.


  22. How fanciful!

    “Shadows and mirrors, divine opposites.

    The history of what is called parliament in Barbados is a culture where marginal people who can win a seat but not seen as having the intelligence, political pedigree, middle class background, coming from generational wealth, not particularly distinguished in a select set of professions or a combination of these, were always relegated to the backbench.

    Political featherweights!

    Of course, they have been exceptions to the dominant political or cultural narrative.

    Peanuts Morrison, for example, comes to mind. Some may contend that the likes of a Ralph Thorne, though clearly working class, is maybe more intelligent than most, even amongst the top three or four figures in this regime. At least he sees himself that way.

    However Thorne, might have made a decision, from the backbench, or even as a condition precedent, to mek real money as a senior lawyer of the party, as opposed to a comparatively measly minister’s salary. Yes, he has been deployed to chair or co-chair initiatives thought to be important to the regime, paid work of course.

    But that he has shown do interest, as we presume, in being in the cabinet or indeed the leadership of the party, given that the current dictator was heard to have made noises about term limits as self imposed, speaks to a deeper malaise beyond the remit of the above.

    If Ralph Thorne is as intelligent as he sees himself and given that he holds the seat of a former prime minister, various other considerations, one may venture that as a backbencher Thorne is unserious about representing anybody but himself.

    This may indeed be the highest level of personal efficiency coming from a long history of backbenchers who were generally both poor and poorakey! That the current maximum leader has allowed this seemingly irrational distribution of intelligence to continue speaks to another level of both poor and poorakey. Maybe, the fish really rots from the head!

  23. Did you mean: pooraka poracay parakey poraki Avatar
    Did you mean: pooraka poracay parakey poraki

    If “poorakey” is a real word used by adults it is not recognised on google..
    except for an article on a blog called the “Barbados Underground” from 2020..
    https://barbadosunderground.net/2020/02/25/two-poorakey-former-prime-ministers/


  24. @DAvid
    There is no back bench. Just a throne a few kiddie chairs surrounding it.

    just Observing


  25. @NO

    Buyer Beware? They scanned the prospectus?


  26. @ David, Driller, the woman in that picture does not look like Mrs Beverly Hinkson.


  27. @Observing

    It is embarrassing to have to follow debates in the lower chamber especially. Then again it can only be a reflection of the current state of things.


  28. @Heather, it is.


  29. Oh yesus christos!

    Banking crisis still galloping. Or should we say “the economic crisis” for this is far deeper and wider than just banking. It’s speaking to financial capitalism itself.

    Poor? Poorakey? Seem to extend far and wide. Backbenchers are all over! All dullards are them all, to have allowed another 2008, 1932, 1971 and on and on again.

    Maybe we have all backbenchers in Buhbados toooo, no?

  30. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    ” Banking crisis still galloping. Or should we say “the economic crisis” for this is far deeper and wider than just banking. It’s speaking to financial capitalism itself.”

    Been watching it unfold all day, more in the mortar than the pistle…my cue to watch it closely…i may actually learn something useful.


  31. There’s a fatal crisis of capitalism.

    There is no requirement. No established order of service, no set timetable, no ability of the West to assuage a moment whose time has come.

    When the correlation of forces are considered, a sudden and tectonic collapse of the West, is now odds on favourite.

    Check how the Saudis, the Chinese, the Turks, even the Zionists are moving out of the greenback particularly.

    How could this be possible while not a single backbencher, not a single academician, not a single businesswoman, not a single activist, not a single yardfowl dares to speak to this train coming to crush this system of things.

  32. Yolande Grant- African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant- African Online Publishing Copyright (c) 2023. All Rights Reserved.

    Now why are you surprised (tongue in cheek) .

    We now get to see who is who in all their pretentious glory, just as the slave minds got separated from the genuinely conscious people, so too will these, then they can be properly identified.


  33. Waru

    Been seeing this for decades. Looking forward to it.

    But that we’re around to see the end of these criminals, though promised by the Ancients, is indescribable.

  34. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    Things are certainly coming to a head, the people in metropolis countries and some Caribbean islands are tired of being tired…and letting it be known.

    “Macron’s No-Confidence Moment Of Truth After Pension Reform Chaos

    French President Emmanuel Macron faces two motions of no confidence Monday after he bypassed the lower house to push through pension reform plans that sparked nationwide riots and protests.

    If the vote in the National Assembly backs the no-confidence camp, the government would be felled, and the legislation – designed to raise the retirement age from 62 to 64 – would be killed.”


  35. Waru

    There are 100 banks in the US alone around the size of SVB and smaller which are now exposed.

    The response, per capitalism, is further consolidation. But that has its problems as well.

    None of this addresses the underlying maladies, far less the attacks on the system itself by the mere presence of a rising multipolarity ethos.

  36. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reaerved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reaerved.

    He narrowly won the no-confidence vote but that was a serious wakeup call, he is on really shaky ground..

    Closer to home…we can only ask, do any of them actually know what they are doing outside their scripts and orders to follow.

    Cause the new things am learning tells me they are even more clueless than previously thought, no matter how they pretend otherwise. A real dog and pony show.

  37. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    “None of this addresses the underlying maladies, far less the attacks on the system itself by the mere presence of a rising multipolarity ethos.”

    That coordination and consolidation is having an impact. I did not see that one coming. But it’s real and it’s here. Ya think it’s understood in small parliaments…i doubt it.


  38. @ David
    Did you catch the bit of fun in the Senate this afternoon when Senator Drakes threw a big rock into the political sty?
    LOL
    From the lotta squealing that resulted, it was clear where the rock landed.

    Then again no surprise that 333 pounds of blubber would tek de hit…
    LOL

    @ Pacha
    ” …not a single yardfowl dares to speak to this train coming to crush this system of things.”
    ~~~~~~~~~~~~~~~~~
    Boss, stop misleading the blog!

    For YEARS now, stinking Bushie, (a registered ‘ BBE yardfowl’) has been highlighting the fact that the US dollar is nothing but a fraud, an illusion – impersonating a representation of value.

    Bushie has long advocated that, like a thief in the night, an intruder called ‘BRICS’ would mash up the whole charade – with devastating consequences to those materialistic albino-centric jokers whose very BEING is defined by the illusion called ‘money’.

    However, as you correctly suggest, ‘What a time those alive…’!


  39. This writer was recently called a hypocrite by One.

    A hypocrite presumably for supporting Mia Mottley on the first IMF loan but turing on her when she proved to be a one trick pony, as anticipated.

    An empty vessel!

    There’s nothing else to this poor, poorakey, regime but borrowing and begging. Nothing!

    Of course, the real hypocrisy is with America and capitalism itself, but no sustained critique of those who feed them is ever approached. Hypocrisy indeed!

    Now the whole world is seeing the light, the real hypocrisy, except the Bajan typology of slaves. Poor, poorakey and backbenchers.


  40. Bushie
    I was doing that before you. Before BU existed. But neither of us is in any official or public position to say the same. Neither one of us has the force of government, public policy, etc. So, at that level, neither one of us exist.

  41. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    “There’s nothing else to this poor, poorakey, regime but borrowing and begging. Nothing!”

    A sad state of affairs, but one which they embraced for over half century…in the continuum that is government with nothing else to show..

    Cant say a thing else about that, their bed, they gotta lay in it.

    Very interesting times ahead.


  42. All true Pacha…
    BUT you DID include ‘yardfowls’ in your list of ‘defaulters’, and Bushie felt slighted in THAT regard.


  43. @Bush Tea

    Missed it.


    Drakes: Taxpayers should have some say in spending

    ECONOMIST SENATOR Crystal Drakes believes that Government’s longstanding budgeting process, as exemplified by the annual Estimates of Revenue and Expenditure, is failing taxpayers.
    Drakes lamented yesterday that Barbadians currently have little to no say in how their tax dollars are being spent, apportioning part of the blame to what she saw as a chronic lack of trust between Government and citizens.
    The Independent Senator, who was speaking on the Appropriation Bill, 2023 in the Upper House, recommended a system of participatory budgeting where Barbadians would help determine Government’s financial priorities.
    She also called for an annual “official audited report of what the performance of each ministry [is] in relation to key outputs and services and what has been the value for money”.
    Her contribution, made during the post-lunch session, was contentious at times as some of her statements were challenged by members of the Government side.
    “If we do not explicitly state what it is that ministries are trying to achieve, in terms of….key performance indicators…then that is why you have a wide part of your society feeling as though their monies are spent in a black hole. That is where the gripe comes from,” she asserted.
    “If taxpayers are unhappy with how public funds are being spent, and the Government has no way in a formal process of presenting [its financial]
    performance, then in a 21st century the process is flawed.”
    Drakes referenced the Public Finance Management Act of 2019, noting that it required state-owned enterprises and central Government to give Parliament, and the public, an annual account of their operations, including financial management.
    However, she stated: “Up to the time of rising from my seat I asked for the annual report for 2022. I do not have possession of that annual report. So I’m not sure then if I’m asking for things that are fanciful.”
    Drakes said her statements were “not an attack on a specific administration or a specific person”, but about inefficient processes and systems that “were ingrained and embedded in what we call the political process”.
    She suggested that a system of participatory budgeting be considered, “where the average citizen is allowed to be involved in the process of deciding how public money is spent, and it gives the average citizen a role in scrutinising and monitoring the process of the allocation of budgets”.
    “This process began in 1989 in a part of Brazil called Porto Alegre and when…participatory budgeting was instituted, it was credited for shifting priorities to better support the poorest parts of the city, improving services, improving infrastructure, strengthening governance, and increasing citizens participation,” the economist said.
    “And what it does is allow citizens to have control over where the budget is spent. So through this process, the Budget then reflects the strengths, the needs, and the aspirations of the population and that the budgeting process engages citizens, it strengthens democracy, and budgets are then spent in areas that citizens feel as though it is for the betterment of them.”
    She added: “Countries such as Switzerland, Netherlands, [and] Canada all have their own forms or models of participatory budgeting… we need people to be engaged and we need to create systems that continue to shed light on decision-making and empower people, and a natural place to start, I believe…is first setting priorities for spending and the distribution of public funds.” (SC)

    Source: Nation


  44. Today’s Nation Editorial.

    Shed light on UTC
    IT HAS NOT GENERATED a lot of public debate, but Government’s plans to establish a Unit Trust Corporation (UTC) to mobilise private savings is potentially one of the most significant policies outlined in last Tuesday’s Budgetary Proposals.
    This is the third time that Prime Minister and Minister of Finance Mia Amor Mottley mentioned such an initiative in her Budget, but unfortunately, the authorities are yet to go beyond scraping the surface of their intentions. There is a need to bring Barbadians on board early to ensure it moves beyond a concept on paper. In her Budgetary Proposals of 2019, the Prime Minister announced the creation of a National Unit Trust as part of initiatives intended to mobilise domestic savings and support the spread of ownership of assets to ordinary Barbadians.
    This programme of economic enfranchisement would be modelled on Trinidad and Tobago’s UTC with professional investors investing in primarily local projects, and credit unions likely to be a major investor in these unit trusts. In the 2022 Budget, Mottley spoke of the establishment of a collective investment vehicle constituted as
    a unit trust to pull together local investors’ investment in major offshore energy ventures.
    UTCs were mentioned again in last week’s Budget. The Minister of Finance noted that a unit trust was a vehicle for mobilisation of the savings of the domestic population and channelling them into wealth-creating vehicles. She explained that this would provide for people of modest means a facility to understand the wealth accumulation process and the value of financial assets.
    We need some more details on these plans beyond mentioning Trinidad and Tobago’s successful implementation of a UTC. With the cost of living high, and spending power limited, it will be difficult for most ordinary folk to envisage where in their pockets they are likely to find funds to invest in mutual funds like the ones being successfully run by Trinidad and Tobago’s UTC.
    The UTC in the twin-island republic was established in 1982. It is generally recognised as a success story and, based on the participation by Trinidadians, has earned the public’s trust over four decades of existence. In 2021 that country’s UTC had more than 627 000 unit holders and paid about $66 million in distributions to them. The organisation’s total assets under management reached a record $7.6 billion, and total income
    was $418 million.
    This illustrates why Government is seemingly so keen to establish a UTC here. We should not ignore that Trinidad and Tobago has a larger population, one which has demonstrated a greater investor appetite for risks than Barbados. It has also had the benefit of time to get it right. Barbados can learn from its CARICOM neighbour’s example.
    Given the legislation needed and regulatory oversight required, and the necessary consultation with average Barbadians, and key financial sector participants like credit unions and existing mutual fund companies, Barbados having a UTC will not happen overnight. However, Government still needs to give Barbadians details on how it intends to proceed with this matter as soon as possible.
    We need more details on these plans beyond mentioning Trinidad and Tobago’s successful implementation of a
    Unit Trust Corporation
    . . . . It will be difficult for most ordinary folk to envisage where in their pockets they are likely to find funds to invest in mutual funds

    Source: Nation

  45. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    Your comment is now reenforced on the new thread..


  46. @ David
    The best part of Senator Drakes’ presentation was when she was interrupted by ‘one-third of the 1000 pounds of blubber’ and asked to withdraw a remark that ‘seems to suggest that politicians are crooked’. LOL ha ha ..
    Bushie is getting to like Senator Drakes yuh!! … you betta watch muh!!

    Can you not see why the PM is pushing the Unit Trust scheme?
    Never mind the Trinidadian ‘Nation’ editorial…

    Credit Unions have accumulated billions of dollars in savings, which they hand over to the banks at ZERO interest rate.
    The banks then lend these funds to foreigners at nominal rates, and these foreigners then buy up Bajan assets – WITH OUR OWN MONEY, and then turn around and kill us with prices that generate HUGE profits.

    Watch the connections…
    Trinidadian banks with Trinidadian directors funding Massy, OCM, and other Trinidadian investors to eat our lunch
    Canadian Banks with Canadian dominated directors, funding Emera and other Canadian interest to eat our supper.

    …and WHY? you may ask, is this possible…?
    Because BARBADIAN politicians have enacted LAWS, (and the Financial Services Commission enforced shiite regulations) that PROHIBIT local credit unions from investing their savings in profitable enterprises.

    Can you believe this…??!!

    So now Auntie Mia wants to create a ‘Unit Trust’ to which these captive credit union savings can be directed (no doubt by Law) to be available to the consolidated funds as foreign loans dry up…

    But if you find a jackass – who can blame you for riding him…?
    Or if you find a brass bowl, for using it as a po…?


  47. @Bush Tea

    Bail in is starting to look like a norm going forward.


  48. Possible scam alert
    I leave heavy matters and thinking about such matters such as the Unit Trust to others.

    We only heard of the vaccine scam when it was in the courts in the US. This time we ‘have a warning’, but I will wait and se if the Unit Trust moves from being the next big scam to something useful for Barbados.

    ————x———————
    Have great Day Barbados
    The only trust you can count on is trust in God.
    Have a great day Barbados


  49. @Bush Tea

    You are suggesting Massy, EMERA and others have been busing local dollars to acquire businesses in Barbados?

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