WE MUST ACCEPT OUR OWN FIRST

30. September 2009 by admin.

BARBADOS ADVOCATE- DENIS KELLMAN’S COLUMN - THE DEBATE  (11/06/04)

Over a year ago, I warned the members of the political party, to which I have devoted so many of my youthful years, not to be trapped into believing that the Government of the day was restricting Guyanese from entering the country.

It was clear to me that Government just wanted the Opposition to attack the Guyanese so that Government could use the criticism as a platform to gain support for the build up that was occurring over the years.

One must ask Government, how is it that there was a policy to keep Guyanese out and still their population in Barbados is over 25 000. I argued that Caribbean people had a right to each other’s country without having a right to live there permanently. It is rather interesting how we accept persons who do not have any CARICOM roots before we can accept our own.

It is my belief that the comfort that we provided for the Vincentians and St. Lucians in the 70s have been fully utilized, and that the citizens from these countries have been able to repatriate their resources to develop their country to a state now that St. Lucia can compete with us in tourism and has the most modern cricket complex, that is World Cup 2007 compatible.

The same thing that we have done for these two countries we have to do for Guyana. As stated previously in an article, Mr. Barrow as able to exploit the resources of Guyana in the interest of Barbadians and it is only fair that we reciprocate once we are able.

We must understand that the Caribbean is as strong as its poorest country. Until we can help develop each country, CSME cannot work as we must have a workable economy and market…

Government’s biggest office complex at Warrens is a good example of this Government’s double policy where it pretended that it did not want the Guyanese, but at the same time took away work from its own to give to the Chinese.

I am awaiting the completion of the project to see how the commemorative plaque for the opening ceremony will be adorned. It was well published how the initial contractor had all the problems with the foundation and had to provide a solution different from the one provided previously.

This project will be the largest Government complex, built 23cyears after the Central Bank was built at substantial costs.  It is expected that the cost to construct this project will be lowered than that incurred at the Central Bank. It must also be stated that the contractors on the Central Bank did not have the problems that the initial contractor had early in the project.

This Government has been fortunate in being given a passing grade by the political commentators after mismanaging complex issues like GEMS, Warrens Complex, Public Investment Fund, Housing, The National Bank, the Guyanese issue, the IMF Report, Queen Street Land Acquisition, World Cup 2007 and foreign borrowings. These are all issues that the Opposition dealt with over the past two years. The question must be asked how come this Government is committing political suicide and still living?

St. Lucy is known for having six undertakers and it is about time you call in the professionals to bury the dead. Last Sunday, there was a letter purported to be written by Mr. Henderson Bovell stating that the members of the Democratic Labour Party were against World Cup 2007. I am now calling on Mr. Bovell to name those persons in the DLP who are against World Cup 2007 and I would disassociate myself from them.

It was also stated that I, one day after Mr. Mascoll wrote in the newspaper that I followed, criticizing the location which was construed to mean that I was not supporting the World Cup 2007, which is the furthest thing from the truth.

As a person paid by the public’s purse and not dictated to by anyone, I am free to look after the interest of this country by looking at the opportunity costs of the decision. Something one would have expected from the Economist and not from one with accounting knowledge.

The Democratic Labour Party cannot now criticize World Cup 2007 after bringing the SID conference to Barbados and using Sherbourne Conference Centre to accommodate the capacity without displacing anyone. This large conference centre has now saved many hotels from having to provide such facilities because of its location.

The development of Bridgetown and its environs has nothing to do with the location of World Cup 2007 at Kensington and I do not want to say “I told you so”, because we will still have the debt to pay, increase GDP, unemployment to worry about and the development of Community Tourism to help the masses share in the productive pie.

The development of Barbados cannot be controlled by a few, but must be shared among all its people and decisions of this magnitude must be done in the interest of the country and not to suit a two few. The support from the late Sir Conrad Hunte is now explained and it is clear to me that I am wasting time talking about the future development of Barbados, because short term interest has taken over and it does not matter how much the country would have gained if my suggestion was implemented to build a modern complex somewhere else that would solve the headache of the football association, cycling union, athletes, the musicians and entertainers.

I have been writing against Kensington as the location for months and I will continue to, and Mr. Bovell must tell the public why Nelson Statue must be moved, but Kensington must remain. Is history not important now or is it that history is only important when we are talking about Trafalgar Square?

When the DLP moved Nelson Statue for less than $500 000, it caused much discussion and was called squandermania even though it stopped traffic from being impeded. The Government will now waste over $30m and deprive the country of real development and it appears that the press is asleep on important issues.

These issues must be dealt with by the calypsonians this season and they must get on with what they do best. The question must be asked if the problem they have, has to do with pirating, proceeds from copyright or both? Maybe the last increase in fuel has taken all the energy out of them and they cannot fire-up this season because they lack energy because of the fuel charge.

They need not worry because the Minister of Energy has stated that bus fares and taxi rates cannot be increased because the increases are temporary. I have persistently warned Government of the inflationary impact when fuel prices are increased and how they should absorb the increases so that they would not impact negatively on the productive sector.

The impression was also created that the Barbados Labour Party was the only party to reduce energy costs, when fuel prices dropped. I am sure that Sir Richard and Sir Lloyd as former Ministers of Finance would not be happy to be discredited for giving reductions to the consumers and not being credited with them.

The Democratic Labour Party must understand that  someday the Barbados Labour Party will not  create such opportunities for us to destroy them, and that we must stop thinking self and think party by adopting the 123 strategy by starting an issue at the primary stage, then secondary and then tertiary, and not the reverse.

(Denis Kellman is the Member of Parliament for St. Lucy, Barbados)

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CRITICISMS NOT WELL PLACED

30. September 2009 by admin.

BARBADOS ADVOCATE - DENIS KELLMAN’S COLUMN- THE DEBATE (15/05/04)

The decision to appoint a Deputy Leader of the Opposition came under criticism lately by Mr. Ezra Alleyne, who for some good reason ignored that there is no provision in the Constitution for a Deputy Prime Minister, far less the two persons the present Government is currently paying the salary commiserate with the duties of a Deputy.

His party might claim that they have a Deputy and a Senior Minister. The point must be made that these positions are not part of the Constitution but would have been done by the Statue.

We could have avoided this blunder if my letter dated January 14, 2004 was allowed to be discussed by the rank and file of the party. Furthermore, when the Parliament of Barbados sought to legitimize the position and salary scale of Senior Minister, I tried to use the occasion to legitimize the position of Deputy Leader of the Opposition by asking Parliament to account for the position of Deputy.  The Government of the day took all the benefits for themselves and ignored the request for a Deputy for the Leader of  Opposition.

Lately, I wrote about the power of the parliamentary Group and this power has been given by the framers of our new Constitution, which was severely criticized by persons who at the time did not read it fully.

The section I now refer to is section 50, which gives the Political Leader his power, which cannot be gotten from the constitution of the country, This section must be respected by all persons and once followed will make the Democratic Labour Party a superior party to others.

I have repeated said to other persons that this section allows our great party to have control over its parliamentary group and could only be diluted if members confused their constitutional authority with their political authority.

 

Criticism should be withdrawn

The criticism of the party by Ezra Alleyne needs to be withdrawn, because section 50  deals with the appointment of a Deputy Political Leader and it is not fair for him to lay blame at the feet of this great party.

This criticism of the party continued on Tuesday when the Prime Minister of Barbados, who happens to be the parliamentary representative for St. Peter and my only neighbor, accused the Democratic Labour Party of depriving his constituents of “Windows to the Sea”. Two areas were mentioned- one south of Speightstown and one north. This debate I was able to listen to while driving to Parliament and I realized that no one took on the Prime Minister.

When I arrived I heard the Prime Minister telling the members present  that they were not guilty of the charge and they should not get involved in the discussion.

I kept asking myself if no one knew about the Port St. Charles debate where the residents of St. Lucy and St. Peter were denied of a long stretch of beach from Almond beach to Sir Oliver’s house to the north. The beach I speak of is the property of Port St. Charles, which was separated by a public road, as was the case of Almond Beach.

This right was replaced by a beach section to the north, the same thing that occurred when Almond Beach took control of the old road to make its property secure. This procedure was followed by Port St. Charles.

I must state that whenever I complained to the owners about any difficulty my constituents encountered, they readily sought to resolve the problem, even if it meant pushing back boulders 40 feet to gain greater access to the beach between Almond Beach and its property.

I have always said that owners of land, especially those who are foreign to the land, should accommodate customs of the land while at the same time seeking to protect their property rights.

During the same debate, I was accused by a member of the Government side of selling property in St. James to a “white man”, a complete untruth, since the only parishes in which I own land are St. Lucy and St. Thomas. I have no problem with “white people” and believed that they are entitled to own land too.

I have written lately about the neglect of the second town known to us in the north. This Government seemed interested in replacing it through the massive work occurring in the Warrens area. For years, I have been calling on Government to locate Government offices to the north at Speightstown, which has not occurred as yet, but they are able to build their biggest office complex some 23 years after building the Central Bank at a much higher cost.

What is needed in the Speightstown area is a large car park which should be located in the Sand Street area of land to be reclaimed. Speightstown is shared by us in the north and that is why when I called for the cricket complex in the north, it is not for St. Lucy, but for the development of the country.

Politicians must stop believing that the electorate is not capable of processing data after 43 years of free secondary education. They must understand that they are dealing with people who are not interested in negativity or how bright one is, but how that person relates to them understand their needs, and has a record of doing something about their plight.

The problem facing the electorate now is not whether they know the behavior of the Barbados Labour Party, but it is, if the Democratic Labour Party members understand the needs of the electorate and have the solutions to remove them from financial decay to prosperity.

(Denis Kellman is the Member of parliament for St. Lucy, Barbados)

 

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WEDNESDAY’S SPECIAL MOON TOWN, BARBADOS

30. September 2009 by admin.

SPLIT PEAS AND RICE; MACARONI PIE

COU COU; GROUND PROVISION

BBQ PIG TAILS; BAKED CHICKEN

BAKED PORK; FRIED SNAPPER

SALT FISH GRAVY; LAMB STEW

STEAMED VEGETABLES; POTATO SALAD

TOMATO AND CUCUMBER SALAD

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Blind man plants, rears chicken to maintain family

30. September 2009 by admin.

 Stabroek News (Guyana)

Mark Archibald of Number 42 Village, West Coast Berbice became blind while he was working in the army a few years ago, but he plants and rears chickens to make a living.

Mark Archibald reaping vegetables from his garden.

A very positive person, he told this newspaper in a recent interview, “Not because I lost my sight my life is over. I still have worth and I realized that there were so many things I can accomplish if I believed in myself.”

Achieving his goals, he said is a difficult task but he was happy that he “is able to prove to my children that I can still do things. Even my children are amazed that I still have my skills.”

Mark pointed out proudly that he, with the assistance of his son, recently built a fence in his yard. He also does other chores on his own like cleaning the yard, “feeding the chickens and planting and reaping vegetables from my garden. I am even doing my own plumbing and running my own pipe lines…”

A staunch Christian, he said, “I believe I can get around and do things because of my faith in God. One of the mottos I left the army with has also helped me: ‘Whatever the mind can conceive and believe it can achieve.’”

But as he spoke about the Guyana Defence Force, there was sadness on his face. Mark said he was disappointed that he had not received “any assistance from the army; not even a basket when the Christmas comes or school clothes for my children.”

Posing with craft items: Mark Archibald (second right), Pansy David (second left) and Judy Archibald (left) with two other members.

He said even though he is earning a living it was still a struggle to meet all of the needs of his wife and five children. Two of his children are in high school, one is attending primary school and another one is in the army while another child is looking for a job.

He said that he had to “pinch” the little earnings he has to purchase school items for his children and a combination chair for one of them to start secondary school this year.

He recalled that just after losing his sight he was devastated and spent about three years in distress not knowing how to move on. “It was a very difficult period for me and I saw it as a test from God.”

He pointed out that he was in the process of renovating his house and when he became involved in the accident that resulted in him being blind, and everything was left at a “standstill.” There were no walls and a section of the roof was incomplete.

From right to left: Pansy David, Mark and Judy Archibald, Brenda Fordyce and another member.

His wife, Judy Archibald who told this newspaper, “I am his eyes now”, said, “We used to get wet whenever rain fall… things were difficult but I went through it all with my husband and I am still committed to him. We stood up with God’s strength; we don’t have to sit and live in poverty.”

They were both very grateful to President Bharrat Jagdeo whom they described as a very “generous man,” for providing them with zinc sheets to complete the roof. They said the President was on an outreach visit to the area and they explained their dilemma to him and he willingly agreed to assist.

As if life were not bad enough, their water supply had also been disconnected at the time because they could not afford to pay for the service.

And after they explained the situation to the President he gave instructions for it to be reconnected.

Judy recalled that during the three years that her husband did not have a job they resorted to going into the backdam to “pick coconuts and sell…” As she said that, Mark remarked with a smile that he could still climb a coconut tree.

Meanwhile Mark said the President also granted his request for a new nursery school to be built at Seafield Village as the one housed under the primary school was not convenient for the children.

Further, he pointed out that President Jagdeo had asked what project was needed for the area and he mentioned a community centre which has since been built.
Disabled People’s

Network

Mark who is President of the Disabled People’s Network (DPN) in Region Five said the community centre is located in the compound of the cricket ground and that a “blind cricket” match would be held there on Sunday October 4. A fee of $300 for adults and $200 for children would be charged for admission.

Mark played for the Blind Cricket Association when it was established in 2007 and represented Guyana against Trinidad and Barbados. He said that in the cricket match “your ear is your eyes; you have to listen for the ball which has a bell in it.”

He said President Jagdeo would be invited to grace the event and “to bowl the first ball to declare the match open. We also want the President to see the good work we are doing here after he helped us to get the building.”

He pointed out that the building is also being used by members of the DPN for a Skills Training Centre where they develop their skills in craft making.

On the day of the cricket match the group will hold an exhibition and sale of the items they have created including floral arrangements, chair-backs, placemats and kitchen towels. The funds raised would be put towards keeping the centre going. The exhibition would also help to showcase the talents of the members.

The group recently acquired a sewing machine from the Ministry of Human Services and Social Security so members will have an opportunity to learn how to sew.

Mark pointed out that the members are eager to start cooking and cake decorating classes but the building needs to be extended and equipped with kitchen facilities before that can happen.

Members visit the centre on Mondays for the classes and Mark said “we can do a lot more [craft] but we lack the materials. We would be very happy if persons can assist us. We have to purchase the materials on our own.”

Further, he said when persons with disabilities receive assistance “they feel very special to know that others care for them.”

He was pleased to disclose that the Neighbourhood Democratic Council had purchased materials worth $15,000 for the group. Ice-cream sales, he said, were also held in April and July to raise funds.

The purpose of the DPN, he said is to “lift the moral standards of the members and help them to become self-reliant. We also need them to learn a skill to get jobs.” Members are also engaged in making pepper sauce and achar and bottling them to sell.

The organization has to find $3,000 weekly to transport members to the centre for the craft classes as well as an additional sum to provide snacks.

Last December an exhibition and sale was held and most of the craft items were sold.

Mark is urging persons to support the cricket and exhibition on Sunday and is hoping to attract more persons to purchase the craft this time.

According to Mark, “Persons with disabilities have a lot of potential and we do not want to deprive them… If they are given the green light and assistance to develop they would do well.”

Pansy David, vice-chairperson of the DPN who was present during the interview, proudly told this newspaper, “I did not know I had potential until I joined the organization.” She said the organization “helps persons to discover and develop their hidden talents.”

One of the teachers, Brenda Fordyce who is volunteering her services at the centre told this newspaper that she feels “good to share; it’s good when you can share and help somebody. They might be disabled but they can still elevate themselves.”

Further she said she is happy to see them develop their talents and to know that they can be at home and still earn a living.

Mark is hoping that donors and the government can “come forward and assist the organization. We are not only talking, we are working. Disabled persons can be treated better and be more recognized.”

Further he said, “It is my dream for our bill [of rights for the disabled] to become a reality so persons with disability can access school and certain rights like all citizens of Guyana. Some persons with permanent disabilities are still not getting [public] assistance.”

There are also plans for the organization to start, joinery and masonry in January. A letter has been sent to the Ministry of Human Services and Social Security, requesting funds to purchase an electrical saw and other equipment.

Mark said too that as part of their work plan for this year, the organization would be visiting schools to “enlighten the teachers and students to acknowledge persons with disabilities.”

Meanwhile, Mark told this newspaper that the DPN, made up of strictly persons with disability, was a part of the Community-based Rehabilitation (CBR) programme, but had branched out on its own in 1996.

He recalled that after he became blind his world seemed hopeless and he lingered on his misfortune for over three years before finally moving on with his life.
However, he did not do it on his own – actually he was grateful to have met the chairman of the National CBR Committee Gregory Glasgow who introduced him to the CBR in Region Five.

After that, he said, there was no turning back as he too has been able to recognize his true capabilities. “I never realized that as a blind person I would have been able to do work like plumbing and running my own pipeline… no one taught me how to do that but the organization taught me how to use my initiative.”

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FirstCaribbean to clip lending rate - Bank cuts will stimulate investment, consumption, says BOJ

30. September 2009 by admin.

The Liguanea branch of FirstCaribbean Jamaica. The bank will cut its prime lending rate to 20.25 per cent on October 1. FirstCaribbean International Bank Jamaica Limited (FCIBJ) said that it would clip 150 basis points off its prime lending rates, accepting the cue from the central bank which has already cut signal rates five times this year.

FCIBJ’s prime rate will at October 1 adjust from 21.75 per cent to 20.25 per cent.

It is the second of seven commercial banks to cut, following Scotia-bank’s one-point adjustment of its base rate in August to 20.5 per cent.

At the time it matched the Bank of Jamaica’s adjusted rate on its benchmark six-month Certificate of Deposit, but since then the central bank has cut rates again with the benchmark instrument now priced at 17 per cent.

Interest rates adjustments

FCIBJ said the cut in its prime rate follows previous adjustments in June on interest rates applied to auto loans and general purpose loans “in line with the industry”.

FCIBJ is fourth largest of the seven banks whose combined assets total more than half a trillion dollars.

Several local banks have said that they are considering a cut in lending rates. National Commercial Bank says its current base lending rate of 21.75 per cent is negotiable, while First Global Bank says its 20.75 per cent rate is under review.

Bank of Jamaica (BOJ) has shaved a cumulative 4.5 per cent off benchmark rates since July.

“Lower domestic interest rates make borrowing relatively more attractive than savings in domestic instruments (that is, deposits etc),” said the central bank.

“In this context, households will increase expenditure, particularly on durables, while businesses would have a greater incentive to expand or retool, as financing costs will be lower. The increased in expenditure would provide some impetus to economic activity.”

BOJ said its 4.5 percentage point cut in rates since July should impact what banks charge for loans, given that as deposit-taking institutions they invest the deposits of their customers in a range of investments, including Government bonds.

Incentive to lend

“The interest rates on the bonds are positively influenced by the rate on BOJ’s open market instruments (OMO). The higher the rates on BOJ’s OMO, the greater the incentive for banks to invest in bonds as against extending loans or engage in other investments,” said the BOJ.

“Given the opportunity cost, banks will therefore set lending rates at least as high as the rate of return it receives on other investments - such as the BOJ’s OMO. BOJ rate cuts therefore provide an incentive for banks to lower their lending rates.”

The central bank adds that when monetary policy rates are reduced, it also reduces banks’ incentive to hold central bank assets, thereby increasing liquidity in the system.

“This increases the volume of funds available for lending by the commercial banks, thereby exerting downward pressure on loan rates.”

The central bank said that OMO rates would also influence the rate of return banks provide on various deposits and other products they offer to customers.

“These interest rates comprise a significant component of the cost to the banks for mobilising funds. Given the bank’s desired interest rate spread (which determines profitability), lower OMO rates would influence a fall in lending rates, through a reduction in the cost of funds.”

The central bank noted, however, that the pace of reduction loan rates to a monetary policy adjustment is also influenced by the maturity structure of the banks’ liabilities, given that these liabilities would have been incurred at higher interest rates.

“This helps to explain why interest rates tend to be ’sticky downwards’. In deciding on the structure of their lending rates, the banks would also take into account operational costs, returns on alternative investments and other factors - for example, risk, competition in the sector, demand for loans,” the bank said.

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New tax on phone calls - Government announces 5% increase in cess on telecoms services

30. September 2009 by admin.

Daraine Luton, Senior Staff Reporter

Effective Thursday, Jamaicans will be paying more to talk on telephones. Finance Minister Audley Shaw last night announced an increase in the tax on telephone cards, telephone calls and instruments from 20 per cent to 25 per cent.

The finance minister also announced an increase in departure tax from $1,000 to $1,800.

The earning from both tax measures is expected to yield $1.7 billion for the Government, which is seeking to run a Budget deficit of 8.7 per cent, up from the $6.6 billion which Parliament approved in April.

“In light of the significant fallout occurring within various sectors such as bauxite/alumina, tourism … there is need for additional revenue,” Shaw said.

Interest charges of $16.2 billion, as well as the reduction in government tax revenue by $12.9 billion helped to throw the Government’s Budget out of line.

Shaw had tabled a $555-billion Budget in April but the revised estimates have seen it climb to $561 billion.

“It is a time for unselfishness and sacrifice to triumph over selfishness and greed,” he said. “In these worst of times, we can square our shoulders and determine to unearth the best of times.”

Opposition Spokesman on Finance Dr Omar Davies, in his contribution to the debate on the Supplementary Estimates, continued to call the Government’s Budget “incredible”.

Underestimation

Davies said the Budget was out of line because of the “underestimation of what the interest payments were going to be … compounded by the overestimation of revenues”.

Meanwhile, Prime Minister Bruce Golding has given the clearest signal that the axe will swing through the public sector, chopping many jobs.

“We will have to trim the size of government,” Golding told Parliament early this morning.

He said the cost of government is too huge and that the state cannot afford to keep paying its 117,000 employers and remain viable.

“Cutting jobs by themselves will not lead to efficiency,” Golding said.

Golding, who began his address to Parliament at 12:42 a.m., said a special unit is to be set up in the Office of the Prime Minister to look at modernising and restructuring the public service.

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Privy Council slams ‘wasted time’: Jeremie ‘embarrassed’

30. September 2009 by admin.

Juhel Browne jbrowne@trinidadexpress.com

Flashback: Opposition Leader Basdeo Panday and his wife, Oma, leave the Port of Spain Magistrates’ Court following their appearance earlier this year. -Photo: MICHEAL BRUCE Attorney General John Jeremie says that concerns raised by the president of the new Supreme Court in the United Kingdom that too much time is wasted by judges serving on the Privy Council in London on cases from Commonwealth countries, including Trinidad and Tobago, prove the need for our own final court of appeal. Jeremie was responding to comments made by the UK Supreme Court president Lord Nicholas Phillips in an interview published by the Financial Times in London that “in an ideal world” former Commonwealth countries would stop using the Privy Council in England and set up their own final courts of appeal instead. “I feel deeply embarrassed by these comments. The position of the Government is that we should move with alacrity to our own indigenous final court-the Caribbean Court of Justice. Self-respect and independence demands nothing less,” Jeremie said in a statement issued by the Attorney General Ministry’s public relations unit that was also issued to the Caribbean Media Corporation (CMC) last week. Jeremie reinforced the position of the Prime Minister Patrick Manning administration that the CCJ should be this country’s final court of appeal with regard to criminal and civil matters and not only in trade matters arising out of the Caricom Single Market (CSM), as is the situation today. Any replacement of the Privy Council by the CCJ in this regard must be done through an act of Parliament that would amend the Constitution to allow this to occur. Such an act would require the support of the Opposition party which has not supported the Government’s CCJ bill even though while the Basdeo Panday administration was in office from 1995 to 2001, it had signed the Caricom treaty authorising the establishment of the CCJ. Panday is on record as saying ” we have no confidence in the final court of appeal in our country.”

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Minister: T&T not paying for large summit delegations

30. September 2009 by admin.

Ria Taitt Political Editor

‘no party’: Mariano Browne Trinidad and Tobago is not “running a party here” to play host and pay for large delegations coming for the Commonwealth Heads of Government meeting (CHOGM) in November, Minister in the Ministry of Finance Mariano Browne said yesterday. “The country is only responsible for the head of State and only two or three people after that. Nothing more,” he said, as he responded to statements made by Opposition Senator Wade Mark, who brought a motion on the adjournment in the Senate yesterday. Browne said under the Fifth Summit of the Americas, the arrangement was that Trinidad and Tobago was responsible for paying the bills of the heads of State and four others, amounting to 120 persons for three or four days. In the case of CHOGM, he said he believed Government was responsible for paying the bills of less than four persons. “At most it won’t be more than four people so that we would be responsible for a total of 216 people at best in terms of accommodation. “But we have to make certain that our accommodation is available to engage all the people that are likely to come,” Browne said. He recalled that the American government brought a delegation of 1,000 people for the summit. “We paid for four persons so the American delegation effectively brought a fiscal stimulus package,” he said. Speaking earlier, Mark claimed that Government was about to spend another $1.5 billion to stage CHOGM. “It might be too late to turn back. But let these fellas help you. Let the heads who are coming here pay for their own hotel accommodation so that we can put some money towards building roads, providing water, hospital, hiring more police officers,” he said.

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…Limits on lending

30. September 2009 by admin.

Trinidad Exppress -Joel Julien

STRINGENT measures governing the financial operations of the country’s credit union sector are here. The Central Bank yesterday presented a 67-page document outlining its proposed policy for the Credit Union Act during a public consultation at the Hilton Trinidad, St Ann’s. The policy proposal was created in response to a decision made by Cabinet in July 2005, when it was decided that the supervision of the financial activities of all credit unions should be integrated under the aegis of the Central Bank. And after four years of consultations, the proposed document was drafted, Deputy Governor of the Central Bank Joan John said yesterday. “The new legislation will, among other things, encourage greater prudence in the management of loans granted by credit unions, it will provide appropriate conditions for the payment of dividends, it will ensure the provision of active capital, it will provide guidelines for the investment activities of credit unions, it will ensure more effective cooperate governance, it will enhance the confidence of members and the public in the sector, it will also enhance potential management practices and improve risk management, it will also provide readily available and reliable data for effective monitoring and research,” John said. John said the revised legislation was necessary now more than ever because of the changing landscape of the financial operations of credit unions. Up to last year, the country’s credit union sector controlled a total of some $8.5 billion worth of assets, John said. “Many credit unions have now become significant investors in the financial market, bringing them face to face with all the risk and potential pitfalls inherent in this type of activity and indeed raising the bar on the level of expertise and experience required to successfully manage these risks,” John said. “The intent of this document, which is to amend the Credit Union Act, is to ensure that the credit union sector operates from a position of greater strength, safety and soundness,” John said. Wendy Ho Sing, deputy Inspector of Financial Institutions at the Central Bank, yesterday presented the policy proposal document to stakeholders of the credit union industry. During her presentation, Ho Sing said that credit unions will be limited to exactly how much money they can borrow and lend. A mandatory insurance protection fund, similar to deposit insurance, will also be implemented, Ho Sing said. The Central Bank has also formed a suitably trained separate unit to monitor credit unions, Ho Sing said. The policy proposal document is currently with Finance Minister Karen Nunez-Tesheira and is expected to be taken to Cabinet for approval this year, Ho Sing said.

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SQUEEZE ON CREDIT UNIONS Operators say new proposed Govt policy will kill sector

30. September 2009 by admin.

Joel Julien jjulien@trinidadexpress.com

The death of credit unions. This was how a proposed policy document for the Credit Union Act was described by stakeholders in the sector yesterday. The Central Bank held a public consultation yesterday at the Hilton Trinidad, St Ann’s, as it presented a 67-page document to assume control of the financial operations of the country’s credit unions. But the stringent measures outlined by the Central Bank were met with opposition from stakeholders at the consultation. Hyder Ali, a former commissioner for Co-operative Development, criticised the proposal because it aims to deal with all credit unions, of varying sizes, in the same manner. “This policy is one size fits all. But the small credit unions are not the ones that failed the people,” Ali said. During her opening remarks about the document, deputy Central Bank Governor Joan John said that of the 390 credit unions listed in 2000, only 113 were still in operation. And of those 100-plus credit unions, the top ten credit unions were in charge of 74 per cent of the industry’s $8.5 billion worth of assets. In addition to the blanket policy for credit unions, Ali said the policy was drafted in such a way that the “unique” nature of credit unions was not taken into account. “There is something seriously wrong with this document. The credit unions are being treated like banks and insurance companies, when they are a unique beast,” Ali said. Ansley Pierre, president of the Institute of Chartered Accountants of Trinidad and Tobago (ICATT), said the increased cost for auditing services as a result of the blanket policy would severely weaken the financial position of small credit unions. Ali’s and Pierre’s statements were met with applause from the majority of those present at the consultation. And Brian Moore, president of the Cooperative Credit Union League of Trinidad and Tobago, who was at the head table for the consultation, spoke of his concerns on the document. While this proposal may be better, Moore said: “The original document was daggers aimed at the heart of the credit union industry… but this present position is more like pocket knives aimed at good credit union operations. “We have to protect small credit unions… it doesn’t matter size, we all have an equal right to exist once we are serving a purpose… our smaller brothers have just as much a right as any of us to exist,” Moore added. Members of the audience believed their concerns would fall on deaf ears as the proposed document was already in the possession of Finance Minister Karen Nunez-Tesheira, who is expected to present it to Cabinet later this year for approval. When host CCN journalist Andy Johnson asked the crowd if they thought there was a need for the process to be stalled for refinement, there was loud applause in agreement. Hundreds of thousands of customers invest money, some of them their life savings, in the country’s credit unions. Assets of the Hindu Credit Union, at one time one of the country’s largest cooperatives, are currently being sold off by a liquidator to repay millions of dollars of debt.

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