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National Bank of the Virgin Islands here or coming?
Yesterday December 19, 2017 the Social Security Board BVI (SSB) sealed a 33% ownership of the local bank with a $15M investment of tax payers dollars.
Since 2013 the bank has been promising to up it's game by providing certain products and services. But many continue to be disappointed as this has not been forthcoming.
The bank is coming
However, Chairman of the Bank's Board of Directors Mr Clarence M. Faulkner Jr insisted that works are in train to bring the community promised products and services.
"Clearly you would appreciate that there is a lot of infrastructural work going on behind the scene for us to be able to offer those products and services."
"Am I going to predict that's it's going to be tomorrow verses a year from now, no," continued Mr Faulkner, as he insisted that his team is working tirelessly to launch additional products and services.
"So the reality is the bank is coming. I made it clear in 2013 because we recognise the important role the bank plays in this community and we are doing absolutely everything necessary. Are we going to be satisfied? We will be satisfied when everyone who has a goal in mind, in terms of what their paradise is going to be like, look to the National Bank."
The bank is here
On the point of the bank being here or coming, Chairman of the SSB Mr Ian S. Smith differed in view of Mr Faulkner, stating that the bank is already here as it is the first option presented to persons looking for products and services.
Investment or propping up a broke bank?
Meanwhile, many in the public domain have criticised the move by the Social Security Board to take tax payers money and investing it into a bank that seems to be struggling, calling in a risky investment. Others have commented that it was just a move to prop up a broke bank.
It was also last year that the Financial Services Commission (FSC) raised serious concerns about the survival of NBVI.
One of the concerns was about the Non-Performing Loan Portfolio (NPL), which was in excess of 20% at the time. The FSC had said the VI banking sector has historically averaged around 3%, so clearly, the Bank was well in excess of the historical average.
The FSC urged the bank to address the matters with some priority and also gave some stern recommendations as to how the matters will be addressed by the Regulators.
The FSC had even threatened to suspend or revoke the bank's license "because the Bank is likely to pose significant regulatory risk to the banking system and the Bank may not be operating in the public’s interest,” Mr Kenneth B. Baker, the Deputy Managing Director of the FSC had written.
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10 Responses to “National Bank of the Virgin Islands here or coming?”
lol seriously? Thats a helluva long train buddy! this bank has been promising champagne for years but barely serving kool aid.
Let just call NBVI what it is..."an abject failure"