Leasing issues delay return of banking to VG | Premier says matter beyond their control
Residents of Virgin Gorda will have to wait an approximate two months longer before banking is restored on the sister island.
Government had said banking services would have returned to the island by August; thanks to Banco Popular who pledged to open a branch there.
But, in an interview with BVI News on Tuesday, Premier Andrew said, “the original opening date has been shifted to a few weeks later due to matters beyond both partners control — Government of the Virgin Islands and Banco Popular”.
Premier Fahie said the reason for the delay is that the building from which Banco Popular will operate is unavailable. The building is still leased by Scotiabank who fled the island several months ago.
The Premier, however, said the matter is being worked out “in an amicable manner”.
“The Government of the Virgin Islands remains committed to ensuring that there’s a bank that physically operates on Virgin Gorda and it will soon be a reality thanks to the commitment and professionalism of Banco Popular. This promise made to the people of Virgin Gorda by the Government of the Virgin Gorda will be a promise kept and fulfilled,” he further said.
Why there is no banking on VG
The island was left without a bank last year after Scotiabank closed its branch to cut costs. Scotiabank’s closure came shortly after another financial institution, CIBC First Caribbean, decided to leave the island.
Since then the Premier said Government has agreed to pay thousands of dollars in subsidies to Banco Popular for the next few years to ensure banking services are restored on Virgin Gorda.
The bank was expected to open its maiden branch by August offering full-time banking services three days per week.
Copyright 2023 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
Hon. Vinvent & Hon. Shereen please don’t let us down in VG. Make this happpen no matter what. VG needs this bank.
Can some body please correct me if I am wrong !! The article clearly says that Scotia bank left to cut cost !! but here you are in the same article saying they still holding the lease 2 years after they close down once you hold a lease you still paying so please tell me what cost were they trying to cut?? Our leaders need get serious and root these legal , licensed , thieving criminals out this place.
When they push us PUSH BACK HARDER!!
They do not pay anything for the lease as they were given the lease FREE as a payment due to the owner of the building not being able to pay the BANK.
Who is so naïve to believe that a bank operates that way. Really?
U are soo rite
Wat co$t$ dem cutting ?
Only if Scotia own the building ??♂️
Depends upon the terms of the lease.
I am patiently waiting to see if Fahie fooling the people of VG because some of us don’t believe that no bank coming VG.
I heard this long time before it was posted in the news. Apparently Banco started doing work on the building and Scotia stopped them saying they still had the building leased. But if you cutting cost why are you still holding on to the lease to prevent VG people from getting a bank. All VG residents need to come together and pull their accounts from Scotia Bank and go else where. Them does rob us blind anyway.
That’ll show’em since they don’t service the customer anyway SMH
In what world is this being disclosed now at this late stage. Buy out or take over the remainder of the lease, its done all the time! But guess what….new lease new terms. Those owners cant get enough to the detriment of VG!
I have every confidence that in time the Premier and his team will get this fixed for we the people of Virgin Gorda.
Trust me de way things going it don’t even need a bank anymore ppl now getting use to it we help out our brothers keepers with change the taxi man helps makes change wen we want to de place running good ? Does Anegada and JVD has bank?
Fahie go school all you.
What about the National Bank. why they don’t go to VG?
Was wondering the same thing, why not subsidize a local branch?
Was wondering the same thing, why not subsidize a local bank?
The local bank do not offer some of the services offered by the other banks.
I just want to say thanks for the efforts of the vip government thus far. I have no doubt that the Premier and his team will get the new bank operating in Virgin Gorda my home that I live and love.
This is Fahie Time not Wheatley Stoutt Romney Oneal Smith.Fahie should finally get Profesional Bankers to make National Bank to International Standard..Its time we invest tax payers money the Right way.VG is a big tourist area and needs a bank..With Google, Branson Johnson and all other major investors and no Bank it like 60’s living..
You ask for a bank with standards and they aren’t currently banking because the building isn’t up to standards. Get it?
My fellow Virgin Gordians the problems here is Scotia Bank. They refuse to give up the building until their lease is up. Which they have a right too, but in the same breath they are holding Virgin Gorda hostage. They could have turn the lease over to Banco and have them pay out the remaining time off their lease. Why did they leave at the end of their lease? Does it make sense to be paying rent and receiving no sort of income? Just asking for a friend.
Cheaper to pay rent only compared to paying rent, salaries, electricity , water , security etc
This is exactly the point. At least someone gets it. But Scotia needs to either come back or let go the lease. For all we know, it may not even be Scotia who is the hold up. It may well be the owner of the building…
Premier and his team should have see to it that this issue was sort out before making an announcement not having any concrete ground for the move. Plan first then execute !
1) withdraw every single dollar that is yours from said banks.
2) Place in a hole, under a rock or in the local bank.
3) Pay no taxes, where possible, except for madicals.
4) Work for four hours a day, organize and protest for the remaining four.
5) Perform protest at the HOA, at the doors of the involved banks and at the door steps of the representatives.
6) Publicly renounce your support for all recently elected officials until they deliver. They will play to their interest and that of the banks at days end, not yours. Your vote did not buy economic power for you.
7) Default on all loans.
The system will not respond to your silence, patience and good will. It will respond only to a challenge to its bottom line.
For as long as you inconvenience yourself to give them your hard earned money without reservations or hesitancy, they will continue to take your money and business, make huge profits on it, and turn around and continue to take you for granted.
They are in business to make money. If your conveniences can fit into their matrix fine. If not, you can scream jesus down and expect miracles from elected officials, they can care less! Look at the banking history in Virgin Gorda. Have you not learned therefrom?
Until the peopel of Virgin Gorda understand the power of their money, act and demand accordingly, everyone last one of them will not receive that which they should rightly have and which they deserve.
To the people of that mighty revenue producing nation, learn the power of your money and protest, and use them both to demand basic decent service.
Perhaps VG residents with with scotia bank accounts should consider withdrawing their hard earned monies from Scotia and lodging it in Banco Popular
In the mean time make it your business to make sure there is a special line for people coming from the sister islands to bank on Tortola… bank lines really take up alot of our couple hours we have
The report refers to “thousands of dollars in subsidies” being paid to Banco Popular by Government. Does anyone know exactly how much is being paid?