Is National Bank of the Virgin Islands struggling?
Political commentator Cindy Rosan has raised questions about the financial health of the National Bank of the Virgin Islands, asking whether debt — including loans held by politicians — may be contributing to alleged difficulties at the institution.
The issue surfaced during a recent press conference when Rosan posed a pointed question to Premier and Finance Minister Dr Natalio Wheatley, who also has responsibility for banking. Rosan asked the Premier whether members of the House of Assembly currently hold significant loans or mortgages with the territory’s national bank.
“You’re the minister for banks, and there is information floating around that the National Bank is struggling, particularly due to outstanding debt,” Rosan said. “How many present and past members of the House of Assembly hold large loans or mortgages with the National Bank of the Virgin Islands? How many are paid off, how many are in good standing, and how many are not in good standing?”
In response, Premier Wheatley said he could not immediately provide the information requested, citing potential legal and confidentiality concerns. “I’m not sure if I’m allowed to be able to share that type of information with the public,” Dr Wheatley said. He indicated that he would first need to consult with legal advisors before determining whether such details could be disclosed.
“I’m going to consult with my lawyers first before I agree to provide that information. I don’t want to make any comment on the National Bank situation at this particular time,” he stated.
However, the Premier acknowledged that the government has been in communication with the bank’s leadership regarding its operations.
“The Financial Secretary, his team, and myself have been engaged with the National Bank of the Virgin Islands and we’ve been having internal conversations,” Dr Wheatley said. “At the appropriate time, we’ll give more information.”
The National Bank of the Virgin Islands, which was established by the government to expand local access to banking services, has played a growing role in the territory’s financial sector. However, Rosan’s questions have now sparked fresh public discussion about the bank’s financial exposure and whether large outstanding loans could be affecting its stability.
In the meantime, there’s no indication when further details about the bank’s situation might be released.
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Sindee needs to get her own finances into order before she complains about others.
Are you a fkn idiot? The media needs to be financially in a certain position to pose questions to gov officials about public finances? And 2 clowns liked your comment wow!
I cell phone and a Facebook page does not make a person media!
The 5 million need to be put in this bank
All 13 must go- using the bank to do their dirty business?
Please articulated the 13 that will replace the current 13.Inquiring minds want to know.
National Bank has always struggled. It’s still the government bank number one and the management is lacking. It has never been profitable.
That is not true.
Even though the institution now carries the name “National Bank,” its operational reality remains that of a Development Bank. Development lending follows a very different trajectory from commercial lending including longer horizons, higher risk profiles, and slower repayment cycles. That structural difference can create challenges for the bank itself, especially when the public evaluates its performance through a commercial banking lens.
Salaries are too high and need new management. Since this team took over from Mrs. Scattliffe, they have failed, Plain and simple.
“How many present and past members of the House of Assembly hold large loans or mortgages with the National Bank of the Virgin Islands? How many are paid off, how many are in good standing, and how many are not in good standing?”
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With all due respect to her, in my view, asking those specific questions of the Premier are out of bounds.
I am not here to defend any member of the the HOA personally, however as a general principle, in my judgment it’s none of the public’s business who in the House of Assewmbly past or present has mortages with the National Bank of the Virgin Islands and their loan statuses.
That’s a private matter between the bank and any mortgage owner. The public is not owed that information because the National Bank of the Virgin Islands is “state owned” and was set up to be of service to Virgin Islanders.
The Premier would be negligent and legally liable even if he had that information to share and did share it. The bank will similarly be legally exposed if they also released such information improperly.
So in this case, the Premier was right to defer answering such questions prior to legal counsul, and I am sure once he has, such consul will come to the same conclusion as I have.
There is this notion running around this place that people need to know everything about what the government does. In most cases, we do.
However, the government also has the right and a duty to protect people’s personal infomation as well.
This line of questioning crosses a line when the government is being asked to divuldge and disclose the personal financial information of HOA members. Not because HOA members work for us, means the public have a right to know every aspect of their financial dealings.
As the public is aware, HOA are required to list their financial disclosures to be compliant with the law, a matter that came up during those Commission of Inquires hearings when it was discovered some HOA were tardy submitting that information.
Bottom line in the simpliest of terms: It’s none of the public’s business the private financial business of any HOA members so long as they are not engaged in any unlawful activities.
Given the history and culture of the politically exposed and their sprawling influence over processes and procedures, slicing red tape in the dead of night, it lends to a perpetual STUPOR to advocate for more privacy for these individuals! Specifically concerning money, non functioning loans and the power to quietly quash and circumvent payment and foreclosure….A dumb dumb dumb hill you chose to die on or indeed very smart and complicit.
Whether the premier is legally obliged to name names is one thing. To suggest that the request for general numbers that may paint a picture of abuse of the system is some how out of bounds is ASININE!
Is not the public business until the public banks accounts get affected by pre mature closure
Walk in National Bank and look at the screens, people name and account balance on full display for the world to see, why premiere there using confidentiality as a crutch. As someone pointed out, same man who call out Myron payout down to the penny.
If people’s information is visably as you stated at that bank, then that is wrong and should be corrected. It still does not equate to HOA mwembers then being a free for all to see.
The words ‘Government’ and ‘Bank’ should never go together so not sure why there is any surprises here.
It is the government bank but ti some extent. Don’t forget that Social Security is part owner; holding 33% of National Bank shares. Social Security injected $15million in that bank in 2015 when it was being floated around that the bank was going under.
I don’t know what’s going on with them financially now. What I do know for a fact however, is they have the best interest rates on Certificates of Deposit in the BVI
Not true.
I’m from East and Cyndy is an embarrassment to east end people and as a matter of fact the entire BVI. This is not Cyndy or the public business to know who owes what…
@ East woman
Please don’t make this about Cindy. We all ( including Cindy) know that the Premier cannot give Cindy that information. He didnt even need to tell her that he has to refer to Legal before he answered her one way or another.
The public does not need individual house member’s information with the bank because that information is confidential, however, there’s nothing illegal about the Premier being able to disclose the number of members and the collective balance that represents these persons.
In terms of amounts outstanding, the Premier shoujd be able to give the overall delinquent amount (of collective loan customers).
In an earlier post someone talked about the bank publishing customers names and balances on screens in the bank hall. These are for Dormant accounts and the bank sometimes publishes that information in the newspaper as well. National Bank is not the only bank that publishes information on Dormant accounts.
All top management do is find ways to oppress the staff they don’t like and promoted their friends instead of running the bank like a bank.
Sure would like to see the commercial real estate mortgage portfolio. Bet it be real eye opening. Big time.