BVI News

Hold banks accountable just like politicians

Premier Andrew Fahie

In the same way people vote against politicians who displease them, Premier Andrew Fahie said residents should take similar action against local banks that refuse to create favourable programmes to assist people who are affected by the COVID-19 pandemic.

“When you are angry at something a politician does, you come after the politician. But when persons are concerned about the way the banks are behaving, they don’t approach the banks or other industries. But the voice of the people is just as powerful with the banks and other financial entities as it is with the government,” Premier Fahie said on a recent edition of the Umoja radio show.

Fahie, who is the Minister of Finance, continued: “If persons realise the power they have with the banks; if they all decide ‘we are pulling out our money and we’re not doing business’, unity is the key to any success. It’s not threatening anyone but everyone has to come to the table in this COVID-19 — government, banks, entrepreneurs. Nobody should be coming to make a profit out of this,” Premier Fahie explained.

He added that his government continues to lobby local banks to change their credit systems to make it possible for small business owners to access loans.

“We’re also going to have more meetings with our banks – how do we move towards making sure we have small loans for businesses to help our people. All persons – including banks – must change their policies in this COVID era. So telling us that persons are delinquent, it would be impossible for most people not to be,” Premier Fahie argued.

In September 2020, Premier Fahie lashed the territory’s banking sector, saying some need to do a better job at creating “stimulus” programmes to assist residents during these hard times.

He said since COVID-19 started affecting the BVI, he has written to the banks twice to ask if they can adjust some systems to ease the financial burden on residents.

According to the Premier, some banks have agreed while others haven’t given a positive response on the matter.

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42 Comments

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  1. Had enough says:

    I have come to the realization that we have elected an 8th grader as the Premier. How can the people take on the banks? That is your job! You are feeling pressure from your poor management performance of the country so now you are not defending the people with the banks. You are saying that they should use the same energy they have to deal with you and your incompetent bunch when it comes to dealing with the banks as well. Congratulations Mr. Premier. This is a real adult approach. What happened to the 40M from Social security? Why didn’t you use some of that money to help the small businesses. Instead you allegedly spend it off to purchase political strength.

    Like 81
    Dislike 3
    • This here says:

      Thank you. The Banks are heavily regulated by his same Government (Financial Services Commission). Any deviation from the rules means hefty fines for the Banks. If he wants the Banks to follow a different set of rules, he better change them first.

      Like 33
      Dislike 1
    • Large at says:

      I have come to the realization that we have elected an 8th grader as the Premier.

      1st district is who elected the premier.

      Like 14
      Dislike 3
    • Rubber Duck says:

      8th grader? You flatter him.

  2. Awful says:

    If incompetence was a person it would look just like this man. The worst government ever in the BVI.

    Like 55
    Dislike 4
  3. What!!!!! says:

    completely stupid and ignorant from our Premier. We did not vote the banks into power as we mistakenly did the VIP , how can a person take on a bank????

    Like 36
    Dislike 3
  4. The Commissioner says:

    Hon. Fahie – are you aware that you are being accused of taking $40M in the peoples stimulus funds and giving this to your family and friends?

    Like 33
    Dislike 1
  5. i agree says:

    i agree premier. some of these banks are outrageous.

    Like 2
    Dislike 18
  6. This guy says:

    Misdisrection and mismanangements are all this administration knows.

    Pointing fingers instead of addressing the core issues.

    Like 26
    Dislike 2
  7. What? says:

    Another day, another load of absolute nonsense.

    Although the service at the banks might leave a lot to be desired, they are not responsible for this government’s many failings and cheap credit is not the answer anyway.

    How exactly are the people supposed to hold the banks to account? Can we vote them out at the next bank elections and replace them with something decent (like we can hopefully do with the VIP).

    Like 25
    Dislike 1
    • Really says:

      Believe me I will hold the banks accountable. They better don’t give my hard earned savings away to people who can’t pay back their loans. Times are tough enough with people barely making enough to live. Maybe the Premier and his Cronies need to extend cheap loans.

  8. Offshore says:

    It’s easier to deal with the offshore banks instead of the BVI banks so why bother. Of course you have to be vaccinated against Covid for any face to face meetings.

    Like 2
    Dislike 1
  9. NB says:

    Are you 5 years old Sir? My goodness

    Like 25
  10. Banker says:

    Banks operate under laws and rules created by government.
    We the people approach the politicians because we put you there to represent us. DONT point fingers FIX IT.
    Governments help businesses. those businesses help the people. Dont just take $40 million and blow it

    Like 23
    Dislike 1
  11. Certified Accountant says:

    Thank God my money is protected by Banks. They have vaults with coded locks to keep my money secure and away from the hungry political classes.

    Like 16
    Dislike 1
  12. Ausar says:

    It’s about time, Premier Fahie, that YOU AND YOUR ADMINISTRATION, take on the banks!

    Let banking officials know Premier, that you represent the people and if the people are not happy with the services provided, that they will have to “PACK UP DEM GEORGIE BUNDLE AND GO”!

    We need NEW banks here, that will provide the services that our people need, during the good, bad and indifferent situations affecting our people during this and for all times!

    Like 5
    Dislike 10
  13. Quote says:

    “…but everyone has to come to the table in this COVID-19 — … Nobody should be coming to make a profit out of this,” Premier Fahie explained.

    I think we all know that plenty persons either in government or close to them have made a lot of $$$ out of Covid-19. It has been seen as an opportunity to use the excuse of “emergency” to cream off as much as possible.

  14. Open Borders says:

    What is the overall cost to visit BVI- using the ferry trips? Public relations….. rumors rampant in the USVI the cost to visit BVI is 650.00!

    This includes COVID-19 test/
    4 day quarantine
    Ferry tickets
    Taxes in and out
    Taxi service
    COVID vaccine
    All coming to some $650.00

    Someone please publish the cost to visit BVI!

    A growing economy is best for small businesses! Open the country now!

    Like 6
    Dislike 1
  15. Rubber Duck says:

    All talk, no action.

    Like 10
  16. heckler says:

    We need a snap election now

    Like 18
  17. Styles. says:

    Hello Large Leader

    The banks are horrible you are right.

    However, every time we try to hold you accountable and try to communicate with you you let us know that you “don’t mind the noise”

    You act like a dictator. how on earth can you be calling for accountability?

    Like 17
  18. PT9 says:

    Premier Andrew Fahie, You have shown many times that you don’t have what it takes to run a country this statement is dum (HOLD BANKS ACCOUNTABLE JUST LIKE POLITICATIONS) That’s your job Andrew Fahie, but it seems like you are always looking for someone to blame, this one should tell the commission of inquiry what they dealing with.

    Like 16
  19. Wow says:

    The sad part is that so many people will actually believe this nonsense and think that the Premier is fighting for us. It’s costing too much to travel to BVI, BVIPA raised fees, everything is going up and there’s no end in sight. The Government bungled the stimulus packages, $40mil for a tiny Territory and they still managed to be unfair and mess it up. Here he comes now blaming the banks for what has occured here in the BVI. I don’t know what else to say about this Government.

    Like 15
  20. Mad Max says:

    Fahie is a joke. His bulls**t address on Friday about “overdrive” including drag racing and medical school when the basics are so far from being acceptable.

    A joke!! A disgrace!!

    Like 20
  21. Common sense says:

    The true reality of all this is the banks have to act responsibly and ensure they don’t end up with non performing loans, which, is what generally happens in recessions. So, Mr Premier, are you suggesting the banks do away with their credit checks and lend money they know will not be repaid. Of course, there is a simple answer to all this, have government indemnify the banks in respect of any loans that fail to be paid back. In short, put your money where your mouth is.

    Like 12
    Dislike 1
  22. Earl says:

    What a load of dribble !

  23. lol says:

    Imagine hiring someone to do a job then they turn around and tell you that you need to do it yourself… But still trying to convince you that they are relevant and are of service to you.

    Like 18
  24. Informed says:

    Again this is a clear example of the government has no idea how this country works.
    The continual launch of the opening of the borders with bold statements and lack of action.
    We are 50 people per day on the ferry. We need 500 people per day.
    Use the equipment the UK sent to you and get the testing done to allow people in.

    As a math teacher its basic math. More people More money.

    You have empty the Government bank account and looking for ways to tax us to pay for your incompetence.

    Now you want to build a race track and the rest of us have to drive on these roads with pot holes and un even man hole covers. YOu have a nerve to even suggest this project at this time.

    • Fool the Young people says:

      He have to keep the young people glue to his lies by saying he doing drag stadium to attract them. Nevis has a drag strip, it is a white elephant.I listen to him in the house Assembly last evening its disgraceful. He still blaming the previous government it’s rediculous. Its he who running the Government or he running a Dollie Shop.

  25. Hon. Fahie says:

    Bad comparison Primer, Government members are elected by the people and be voted out by the people. Banks are business models created to make profit

  26. @PT9 says:

    THE GUY IS VERY CUNNING / AND TO NOW THE GENTLEMAN FROM SCB HAS NOT REALISED THE GAME THAT WENT DOWN ON HIM BY FAT ALBERT AND ASSOCIATES

  27. Youth says:

    I agree 100% with the Premier. A set of fools blogging who hate the Premier because of a few greedy ways.

  28. Wellsaw says:

    You imagine that the Premier is saying to the people go after the banks and make them give you loans. These people don’t have no jobs, business has been non-existent for more than a year. How will these loans be paid back? No jobs, no business, no tourism, no income. Yet on the other hand, the fees to enter the country are exorbitant. The island is like a bloody prison with one warden, the Premier. Hardly anyone could afford to leave because when you come back you have to make sure you have money from a loan at the bank to pay all the fees. ANDREW FAHIE IS NOT A LEADER!!! He is a d****tor.

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