Opposition leader, Philip J. Pierre, has told the Times that all is not lost for the Bank of Saint Lucia (BOSL), which is currently saddled with some three hundred million dollars in bad loans.
The disclosure about the bank’s bad loans was made by Minister in the Ministry of Finance, Doctor Ubaldus Raymond.
Raymond said it was a serious problem that required urgent action.
He committed the current Allen Chastanet to ensuring that the financial institution remains afloat.
Saint Lucia Labour Party (SLP) leader, Philip J. Pierre, told the Times that the BOSL is a very important institution for Saint Lucia and at one point made healthy profits.
He noted that like many other indigenous banks in the region, the local lending institution has encountered problems.
Pierre told the Times it was important that when statements are made about the BOSL, they should be guarded as all is not lost for the bank as yet.
“The bank still has heavy deposits, it still employs a substantial number of people,” the SLP leader observed.
He said the Minister in the Ministry of Finance should be very careful when making any statements about the Bank of Saint Lucia.
“I think we should all try to protect the Bank of Saint Lucia; we should all try to ensure that the Bank of Saint Lucia survives,” Pierre stated.
He asserted making statements that are unfounded or which will cause depositors to lose confidence in the bank, would be very disappointing.
“I think all efforts should be made to save the Bank of Saint Lucia if it is in problems but the confidence must remain and statements about the bank should be guarded and made with full knowledge – there should be no speculation as far as the bank is concerned,”the SLP leader told the Times.