Opposition pushes for public loan forgiveness from National Bank
Opposition Leader Julian Fraser has insisted that the government should consider a loan forgiveness initiative at the National Bank of the Virgin Islands (NBVI).
Fraser asked Premier Dr Natalio Wheatley in the House of Assembly (HOA) whether the government would consider any form of forgiveness programme for interest accrued on loans given out by the bank during the COVID-19 period.
In response, Dr Wheatley said the bank was not actively considering any form of forgiveness programme and explained that the NBVI operates under the same conditions as all other commercial banks in the territory.
The Premier explained that any loan forgiveness programme would be detrimental to the bank’s financial position.
“Clients are given the opportunity to repay accrued interest without increasing their monthly payment obligations,” Dr Wheatley stated.
He explained that moratoriums on loan payments were offered by the bank from March 2020 to March 2021 and continued to be granted on a limited case by case basis.
Those are our customers
Meanwhile, Fraser was adamant that the government should reconsider its position on the matter, arguing that it was a government owned bank and that the people of the territory are its shareholders.
“This government came to this Honourable House and they asked for the stamp duty to be relaxed on the sale of property, and they came back to the House and boasted that it was a $5 million benefit to the community; whoever went out and bought these lands,” Fraser argued.
He reasoned that government should approach the matter in the same spirit, noting that the bank’s customers, having seen no relief from the government, were now walking away and going to other commercial banks.
Fraser said the Premier should look into the matter and return to the House with an answer that is in the interest of the people of the territory and said this will show that the government is looking at the bank’s customers in the same way it did with farmers and fishermen and the land owners.
Premier Wheatley then promised to meet with bank officials to discuss if there is anything more that could be done under the circumstances while responsibly meeting the bank’s obligations.
Bank suffered a net loss
In the meantime, Dr Wheatley noted that the bank waived all late fees on loan payments that were due during the period April 2020 to September 2021.
He also expressed that the bank suffered a net loss in the fiscal year for 2020 even as it maintained its full workforce complement and operational overheads for that year.
The majority of clients, Dr Wheatley said, willingly returned to pre-COVID debt service conditions although circumstances within the territory did not return to full normalcy in 2021.
According to Dr Wheatley, this resulted in the bank’s ability to rebound from its previous financial year end.
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Fraser will complete this mission, TRUST ME! he gets the job done!
Does any member of the HoA have a loan they would like forgiven? As a ‘shareholder’ at NBVI with a deposit account and no loan account, I don’t want any loans forgiven.
Why do they say opposition, it is only one person, say his name King. Julian Frazer.
The old money for nothing approach. Oh Dear nothing changes with guys. Please UK come and save us. People too used to thinking the Government money is their pocket m0ney. Like children. This Nation needs to grow up once it has been saved from all the backward thinking.
Wonder how indebted is he to yhe bank. Just asking.
This lone temporary opposition HOA member will be the next BVI politician incarcerated.
The entire lot of House of Assembly members were Rubber Stamps on the former Premier’s shenanigans. Now they want more free money?
The money used for the loans is not the Governments nor the Banks. If Mr. Fraser wants to be generous he can use his personal funds for loan-forgiveness not hardworking depositors money. With grandstanding like this you might just see a run on the bank happening. God give me strength.
Net loss in 2020. Not the first time. National bank is just Government entity for employment and that’s it.
H**l NO!!!
That bank needs a shake up. It takes 2+ years to get a response to an application for a mortgage. Then after the two years you are asked to resubmit the documents with additional documents. While it takes other banks a few months. I wonder what the problem is at that bank. Those in the mortgage department do not take people’s time and efforts seriously.
I applaud Mr Fraser for looking out for the people, but he should look at getting the employees to work for the people as well, so that we will get our money’s worth.
You are not wrong that bank is horrible.
But that it takes other banks months still is laughable too.
All banks in the BVI should be ashamed of themselves.
Making these stupid statements is the reason the BVI cannot be considered a real place. Teaching adults not to be responsible. You take a loan you are responsible for making the payments. Not because it is a Government bank. STOP THE STUPIDNESS.
“Opposition Leader Julian Fraser has insisted that the government should consider a loan forgiveness initiative at the National Bank of the Virgin Islands (NBVI).
Fraser asked Premier Dr Natalio Wheatley in the House of Assembly (HOA) whether the government would consider any form of forgiveness programme for interest accrued on loans given out by the bank during the COVID-19 period.”
We would all like all of our loans forgiven but why would they forgive them, on what basis? Who would pick up the debt?
Seems a bit of a childish request.
And now that dem cookie jar lid shut tight , let’s wait and see if their names will be mentioned in community sponsorship. For example ZBVI school morning quiz!
and this is exactly why the country is in a MESS! The National Bank has been running at a loss and now they want the Bank to write off the loans? How about all the deposits which are held by the Bank, give them away as well? How stupid can you be considering this option. This will be a direct loss to the BVI Government and the People of the BVI. You really think this is ‘Money for nothing’? CLUELESS!@#
I wish all ayo coulda read and comprehend because ayo so clouded with hatred and jealousy for the man that ayo aint even take time out to read and comprehend wha the man saying. THE MAN IS TALKING BOUT “THE INTEREST ON THE LOANS”
When I deposited my money in the bank I was doing so for the measly interest I will get in return. So who the heck are you that I should not want my return for you to get a free ride?
DONT MIND THE NAYSAYERS HON FRASER………THESE ARE THE SAME SET THAT STONED AND SPAT ON JESUS
This is the liberator who made cellphones and water affordable for all to enjoy.
“Fraser is the man”
Who did such great stuff like traffic lights at a roundabout, sidewalk to nowhere, great CGB wall, CGB harbour reclaim.
People understand that Allllll Banks are of the devil when it comes to loan. PURPOSE TO PUT ELOHIM’S CHILDREN IN DEBT. DEBT TAKES YOU TO HELL. AVOID LOANS AND BORROWING.
Unfortunately the few ungratefuls who are bad mouthing the hon julian frazer cant prevent him from being re-elected.
Please think about what you are about to say carefully. You know there is a ” UK please come tek over” pandemic being spread by hypocrites and parasites who jump on anything they can to spread their venom. I am convinced that most of these are foreign idiots who will be the biggest losers if their prayers are answered. UK please come tek over and you can’t sleep when night come fools. Constant demonstration lock down and curfew. Most of you talking s**t will run.
What happen people can’t rape the government anymore and now they can’t pay like regular people????
The rest of the civilized world does forgive interest on loans all the time
Most people only look at the headlines and start blogging…They don’t read the full story… Sometimes those HEADLINES does be misleading.
This is another attempt to buy votes. The responsibility of Government is to look at the interest of all citizens. When the opposition and government understand this, we would be in a better place. Is the only criteria that these loans were given out during the Covid 19 pandemic?
If things were so bad, why was the bank giving loans during the pandemic now being asked to forgive the interest? Unlike Government, the banks have criterions for accessing a loan, and if persons meet these during the pandemic and were granted loans, then I don’t see the point of the suggestion.
Government and the opposition need to stop regurgitating every stupid suggestion their cronies make.
So Andrew could get a loan, pay his bail, jump bail, return to the BVI only to have his loan forgiven. I see now where this is going.
Fraser, the j….k… do not, fu….with my hard earned savings. It is because of thinking like that why you will remain in the opposition.
Yes , forgive all the debts that people do not even make an attempt to repay and let the bank fail. Fools