The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE PRIME Minister yesterday expressed concern over whether the Bahamas was getting its “fair share” from the commercial banking sector, given that it accounted for the dominant share of their Caribbean business.

Commenting on CIBC FirstCaribbean’s decision to cut 66 jobs from its Bahamian workforce, Perry Christie said he was concerned about the commercial banking sector and the loss of jobs.

“I am always concerned about lay-offs in the banking area. We have had notice and meetings with FirstCaribbean, we have had notice and meetings with Royal Bank of Canada, and discussed the future of banking in the Bahamas,” the Prime Minister said.

“They have assured us that we have a very bright future, that they are going through consolidation, introducing greater degrees of efficiency, and we have to accept that.

“What we have asked them to do is ensure that they keep the Government informed, keep the trade unions with respect to financial services informed, so that we can all be on the same page to ensure that we minimise the impact, so to speak, for those people who will lose their jobs,” Mr Christie added.

“I was happy to learn that a significant number of people were voluntarily leaving and getting the packages, but there will be some people who do not volunteer who will lose their jobs, and it is for us to create an environment that will enable them to get a job.”

Mr Christie then added: “We always are concerned when the Bahamas is the dominant country in terms of revenue earned by banks, and that the Bahamas gets its fair share from the banking community.”

The Prime Minister said the Government was focused on minimising the impact of job losses in the financial services sector.

“The financial services sector is a sector which needs continued collaboration between the Government and the sector because we are all aimed at trying to keep confidence in the sector, whether it is commercial or offshore banks. They continue to make a significant contribution to the economy of our country,” said Mr Christie.

He again gave assurances over the Gvernment’s support for the Bank of the Bahamas International.

“I have issued a number of statements indicating that it was not just the Bank of the Bahamas that suffered a small loss, but there were other banks that suffered losses, and that we must be careful with our banking industry,” Mr Christie said.

“The Bahamas government is 100-plus per cent behind the Bank of the Bahamas, and will not hesitate to do everything that is necessary to support the Bank of the Bahamas, and it is important that the people who bank there know that.

“We are 100 per cent committed to the Bank of the Bahamas. It is majority-owned by the Bahamian people and we will continue to give all of the support, and do whatever is necessary, to protect that bank and to promote that bank, even if we have to do things positively directed for and on behalf of that bank.”