BOSL faces problem of $300M in bad loans

BOSL faces problem of $300M in bad loans

The Bank of Saint Lucia (BOSL)  has accumulated some three hundred million dollars in bad loans.

But the Saint Lucia government has said that it is its responsibility to ensure that the institution remains afloat.

Minister in the Ministry of Finance, Doctor Ubaldus Raymond, has said that the situation calls for urgent action.

Raymond told reporters here that the government is exploring its options.

He explained to HTS News last night that the Eastern Caribbean Central Bank (ECCB) has held many discussions with BOSL which is under capitalized.

Raymond disclosed that a quarter of all loans at the institution are bad – amounting to almost three hundred million dollars.

He said the government is in discussion as to how best to address what he said was a serious problem.

“We are aware that there are many depositors at the bank and we want to ensure that depositors’ money is safe and the government is doing its best in ensuring that this is done,” the Minister in the Ministry of Finance said.

He declared that there is no truth to reports that BOSL is being sold.

Raymond said whatever will be done, the government of Saint Lucia will remain a shareholder of the bank.

The Republic Bank of Trinidad and Tobago is, according to reports, expected to make a proposal to the government next year.

 

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26 Comments

  1. Anonymous
    November 29, 2016 at 10:20 am Reply

    This is an epic example of denying the malaway of getting a small loan. The biggers and their friends always getting loans to do share. ” a poor and humble customer (the have nots) is more likely to repay you than the corporate money mongers ( chees haves)

    1. Anonymous
      November 29, 2016 at 10:34 am Reply

      I agree, shame they don’t want to admit that its their ‘best’ richest customers that are causing that and the higher ups in management, but everyone knows that anyway so.

    2. Anonymous
      November 29, 2016 at 11:11 am Reply

      so true …..those that have gone away playing big abroad this is sad

    3. Anonymous
      November 29, 2016 at 11:21 am Reply

      Indeed they are for those who have money, and they care not, for those who don’t have and of a certain if they do get the loan would pay it back. Selfish people, SMH

    4. Anonymous
      November 29, 2016 at 1:31 pm Reply

      Well alot of lucians who took loans are not paying them back!!!…thats why the banks will never give loans collateral free again…

    5. Anonymous
      November 29, 2016 at 3:32 pm Reply

      Soooo true, they quick to give a $20,000 than a $2000 loan smh

  2. TC
    November 29, 2016 at 10:29 am Reply

    serve them right i not felling no sorry for that bank… my advise to persons with savings there. take it out. save yourself the future headache. ok.. Could you imagine i went for a loan for $10,000.00 and they wanted me to have $8000.00 on account. smdh.. i told the loan officer, if i had $8000.00 on account i would not ask you for $10,000.00

  3. Anonymous
    November 29, 2016 at 11:00 am Reply

    I know for sure malaways don’t cause 300m debt, but little malaways that have to pay for that too right ? Increase in interest on loans for the small people whilst they cover up the sins of the higher ups, but that’s okay, life on earth is temporary and full of fasle vanity, there is a God that sees all

  4. Ty
    November 29, 2016 at 11:13 am Reply

    Let them suck it up. They thief so much from poor ppl already. Tell them start deducting from ppl whom they create positions for and who give loans to their friends even though they dont qualify. Make them pay for it

  5. Anonymous
    November 29, 2016 at 11:17 am Reply

    (Expression deleted) not rich people laayes nurses police n teachers url giving loan uh ,no malaway not in that now url can c who is the real problem
    Just now god coming stop thinking about money

  6. Anonymous
    November 29, 2016 at 11:49 am Reply

    Hummm

  7. Anonymous
    November 29, 2016 at 11:50 am Reply

    Mew mem. I need to get my money outta der, before it’s to late. But I really don’t trust any banks in this place. Who to trust. If it’s not taxes is something else.

  8. Anonymous
    November 29, 2016 at 11:52 am Reply

    the audi and bmw people that not paying the bank

  9. The Crow
    November 29, 2016 at 12:44 pm Reply

    This is the worse bank of all! Imagine, you accomplish a job for someone, they pay you with a cheque, you go to the BOSL to cash this cheque, this bloody bank charges you for cashing the cheque . . . Can you imagine that?

    I can NEVER do any business with this bank . . . NEVER, NEVER, NEVER!

  10. Lucianman
    November 29, 2016 at 12:55 pm Reply

    Put your money into Credit unions, use the bank as expense accounts

    1. Anonymous
      November 30, 2016 at 11:19 am Reply

      Best post so far

  11. Claire T
    November 29, 2016 at 1:02 pm Reply

    Why isn’t the the government taking the necessary action that is required. They need to find these persons and demand that they honor their obligation. If persons signed documents and received loans, then action must be instituted immediately against all who have neglected their responsibility. Enforce the law.

  12. T
    November 29, 2016 at 1:15 pm Reply

    The students loans guaranteed by the government of Saint lucia contributed to what amount of the 300mil.. Please give us the breakdown..

  13. Observer
    November 29, 2016 at 2:30 pm Reply

    They know very well the persons who have brought the bank to its knees. Not the small man. The hoteliers who borrowed and borrowed and given breaks and more breaks and have not payed back. They are all protected.

  14. Anonymous
    November 29, 2016 at 2:48 pm Reply

    Why don’t they start by cutting down on the amount paid to the board chairman and directors.. The can also cut down in the materials prepared and circulated to shareholders.. By this I refer to the various reports,magazines and others which I consider not necessary as majority shareholders are not interested in and discard.. They are more concerned with the dividends owed to them… BOSL has to cut down on excess and non important expenditure..

    1. lucianborn
      November 30, 2016 at 7:06 am Reply

      sounds like an insider comment…

  15. Anonymous
    November 29, 2016 at 3:21 pm Reply

    well aint that something this is what karma does …… man want to open small business does all his paperwork does his business plan they as k for a copy of it steals the idea get their big boys to do the business you wanted to do and when they fail is no big deal ….. let them deal with it not me thank god i do not deal with this bank

  16. Eagles Eye
    November 29, 2016 at 6:48 pm Reply

    No politics is being played in these bad loans. Sad but true is now silenced. Who would sad but true blame? Kenny or Chas? Chas has been in office for only six months. Under whose administration has those bad loans accumulated? It did accumulate over a number of years. Since you’ll like to play politics in everything let’s play politics. Sorry bout that. Should Chas close the BOSL which operated under Kenny for many years? Tanto Tanto.

  17. Eagles Eye
    November 29, 2016 at 6:51 pm Reply

    I understand what you mean my brother. Tanto Tanto.

  18. Anonymous
    November 29, 2016 at 7:04 pm Reply

    Eagles eye. Shut up. Both administration’s contributed to bosl state . Kenny was only there for 5 years. U’ll forgot that.

  19. Anonymous
    November 30, 2016 at 2:36 am Reply

    15 please

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