The Tribune

EDITOR, The Tribune.

FROM where I stand, it seems that the Bank of Bahamas has reached the end. Here on Mangrove Cay, Andros, the only bank we have is BoB on Mondays and Thursdays. The same staff works Tuesday, Wednesday and Friday on South Andros. The level of service at these two branches has reached deplorable. Last Thursday, one teller, the bank full. The staff worked straight through, no lunch. I wish I could say it was just this one day. But, this is the new normal here on Mangrove Cay.

A two hour wait in line for a simple cheque cashing is not unheard of. People have to wait outside because the bank is full. My challenge is this BoB: Find one person here who does not agree with the following statement: “The level of service we receive from BoB is terrible, unacceptable, and getting worse.”

What could be the reason for this level of service at BoB? I read a couple of weeks ago that BoB lost 24 million dollars in 2015 alone, bringing the last three years of BoB’s losses to over 120 million dollars. It should be repeated, losses over 120 million dollars. Those of us who have any money at all in BoB should look long and hard at the realistic viability of a company that under-performs to such a massive degree.

Managing Director at the time, Mr Paul McWeeny, overseeing the tailspin BoB was in, commented in a Tribune article on November 4, 2014 that, “he expected BoB to return to profitability next year”.

After leaving this company with his salary intact, although it failed under his administration, he then receives a huge bonus. Yes, I have a problem with that.

According to a report in The Nassau Guardian on January 22, 2015, our Prime Minister stated, “The future of the Bank of The Bahamas, from where I sit, is bright.”

The next question should be, “Where the heck is he sitting?” The bank director’s job is the same as the central bank director’s job, which is the same as a central government’s official’s job, which is the same as the PM’s job.

Paint as rosy a picture as possible, despite the realities of utter failure.

And, we have no way of knowing if they are telling the truth, or lying.

If they told the truth there would be a run on the bank. This is based on history and the facts. Worse, few of us understand how intricately intertwined BoB is with the entire Bahamian economy and the well-being of Bahamians. This is the danger.

Here on Mangrove Cay, we are in another bind. We know that BoB will not spend any money on improving service because they are broke. Look at the numbers. BoB is broke.

They claim that their losses are due to high operational costs. So, more likely than not, they will start closing branches. I expect Mangrove Cay will be on their target list.

Of even greater concern should be: How are BoB employees being treated? We are told that the BoB employees here on Mangrove Cay Do Not take lunch. They work straight through. 9:00 in the morning till 5:00 in the evening, maybe later, No lunch? Are you kidding me?

Shouldn’t BoB be held accountable for the treatment of its employees? I don’t know how much money a BoB teller makes a week, but I doubt it is really enough to justify this kind of treatment.

Sort of makes you think of days gone by, doesn’t it?

Days gone by that were rightfully made illegal.

Why is BoB immune to prosecution for this treatment of its employees?

Because the powers that be in The Bahamas have created a situation where jobs are so scarce, and unemployment so high, that nobody speaks out for fear of losing their job. Sad, isn’t it?

Nobody at the top will ever admit their mistakes; they will never admit they’re wrong. Look at the Baha Mar fiasco. Do you believe a word that comes from the Bahamian government?

A high debt to GDP ratio, high unemployment, rising crime, increasing poverty, declining social services, crumbling infrastructure, credit downgrades, no transparency in public policy, no accountability for public referendums.

Is it not clear that we are all on a losing team here, led by people who have only their own self interest at heart?

As for us here on Mangrove Cay, it seems the only loans BoB makes are for consumer loans. Loaning to businesses, or to Bahamians who want to start a business, seems out of the question. It also seems BoB has lost its credibility with the US, German and EU banks. Just wait till the web shop money problems start. Does BoB have any money to lend, anyway?

Many of us here on Mangrove Cay are working toward a bright future for our island, for our children, and for those who follow.

We are actively working on a 10-year plan for many types of businesses which benefit locals, not just foreign investors.

A safe, secure and well-run bank is integral to our future. BoB does not, for all intents and purposes, fit this bill.

And, if the past years of dismal news from BoB is any indicator, we should be looking elsewhere for safe, stable and timely banking service for the coming years.

BoB has already failed. Any other business would have closed its doors by now.

The regulators and politicians are ducking for cover, and not speaking the truth. Their jobs are also on the line.

Six and seven figure jobs in our sad, slogging Bahamian economy are also in very short supply.

NORMAN

TRABULSY Jr

Mangrove Cay,

Andros,

September 12, 2016.