Prime Minister Dr Hubert Minnis.
By KHRISNA RUSSELL
Deputy Chief Reporter
krussell@tribunemedia.net
THE government is proposing to utilise $41.3m from dormant bank accounts to establish a disaster relief fund, Prime Minister Dr Hubert Minnis announced yesterday.
He made the announcement yesterday at Parliament during debate of the Bank and Trust Companies Amendment Bill and the Central Bank of the Bahamas Amendment Bill.
Once the changes are passed, the Central Bank of the Bahamas will have the legislative backing to confiscate money in accounts that have been dormant for seven consecutive years and hold it in a disaster fund for government use in the event of a natural disaster.
Dr Minnis said while there were several compelling things the government could spend the money on, the “mature” thing would be establishing the disaster relief fund. Currently there are 42,452 dormant accounts with a corresponding value of $88.716m as of June 2018.
However, once the amendment is made law an initial flow of at least $41.3m would be available.
Dr Minnis said: “Mr Speaker, governments must make mature decisions.
“You will hear arguments throughout the day that that money should be used for sports. Sports encourages discipline leadership and provides opportunity and most of all you cannot pay for the type of public relations that one receives.
“Others might argue that the money should be utilised for education and preparing of our schools with more teachers, pre-school programmes and under construction of new schools.
“Some may argue, Mr Speaker, that the money should be utilised for health – repairing our clinics and hospitals and obtaining all the new necessary equipment and fast track the telemedicine programme that our minister speaks so passionately about and others may argue that salaries should be changed – doctors, nurses, public servants, yes, union contracts and some may argue that the $41.3m should be used to assist social services help more of needy.”
He also said: These are all great arguments, Mr Speaker, but as I said government must make mature, non-isolated decisions. An irresponsible opposition may argue, Mr Speaker, increased electricity costs and therefore the money should be used to decrease light bills and turn individuals whose lights are off to be turned on again. This might be a great argument, Mr Speaker, but this is an attempt to change social citing in the eyes of the people.”
He also said: "Our infrastructure could be so damaged that investments in the country would crash overnight, our tourism industry would crash overnight , our banking financial system that needs digital systems and proper bandwidth would crash overnight.
“It’s essential to make decision whether you concentrate in silos and your infrastructure is destroyed plus your infrastructure, your tourism, your investment and your banking resulting in no economic activity or monies generated to repair or carry on the school system social service your health your security.
“So, Mr Speaker, it is not my government’s intent to view this to meet normal budgetary operations as a responsible government we are proposing that these funds be utilised for establishing a disaster relief fund that was foreshadowed in the most recent budget exercise,” Dr Minnis said.
Comments
Gotoutintime 5 years, 5 months ago
What gives the Government the right to touch that money--Didn't the Germans do that in WW2?
bogart 5 years, 5 months ago
Opposition leader did give a well analysed rebuttal using other examples in countries we follow like UK...many accounts fall dormant ...people wid Alzamheimers commonly forgets...in trust for accounts gets forgotton....people die...bad info by persons...beneficiaries...needs lawyers...Banks lessening staff from decades now....dont even answer phone...TRY CALLIN....they should find their customers who made dem who dey is today...plenty accounts likely dormant even other accountsnext branch...SIMPLY BANKS SAYING DEY UNABLES TO FIND WHERE 42,000 CUSTOMERS IS IN BAHAMAS......an dey hardly even has noone answering da bank phpne is not good enuff....!!!
Well_mudda_take_sic 5 years, 5 months ago
Dimwitted Minnis and the incompetent central bank governor he appointed (John Rolle) are not even proposing to establish a web site that lists all of the dormant account owners so that Bahamian families who may be entitled to bank balances left by their deceased loved ones can rightfully claim what belongs to them. Instead, Minnis and Rolle would rather have the government steal these dormant bank balances. What a joke! LMAO
DDK 5 years, 5 months ago
The other joke is that if purloined, the funds would never hang around to see the first tropical disturbance of the next season.
bogart 5 years, 5 months ago
Bahamas has done seen the cathostrophic......economic....social.....disastrous ......effects of Hurricane damages.......in Grand Bahama.......but did seems..nuttin up to da Minnis efforts....... Banks been predatory lending ...prior to Hurricanes.....lending up...to 90--95%.....almost..WHOLE PRICE.....Value of da house....an lot....purchase....or Appraised value whichin is lower....LOAN OFFICERS HAV TARGETS TO MEET SO DEY CANS GETS A SALARY INCREASE...2 people loan officer ..an uneducated customer sit in one lil cubicle only the uneducated customer is wrong......never in the HISTORY OF BANK LENDING in da Bahamas no Bank has been everr guilty of NEGLIGLIGENCE....LOL...some Banks offer cash bonuses to loan officers for how much loams they sell.....CRITERIA... is Banks use a...MORTGAGE INDEMNITY INSURANCE ....to facilitate lending almost the Value.....THEN comes a Hurricane in the GUESS WHAT we in a hurricane zone......destroys....LOAN CUSTOMERS OUTTA WORK...BUSINESSES CLOSE....PEOPLE UNEMPLOYED...CANT REPAY LOAN...WHICHIN ....HOUSE AN LOT VALUED LESS THAN LOAN....both bank and noninsired non bank....Banks always holding buildings homes structures ...as Collateral for budiness loans....valued now less....They decreases..BUSINESS.loan...OVERDRAFTS....accordingly....businesses crippled.....less inventory...no painting store...workers further let go......simply dangerous lending practices...affecting..GDP....GUBBERMINT...ERRYONE.......!!!!...time to looks at factors tings whichin can be changes now...in good times...before hurricanes..... towards ...lessening da disaster impact....and speed of recovery.....
TheMadHatter 5 years, 5 months ago
A good decision by Minnis. Can we add on a bankruptcy law at the same time like they have in USA - Chapter 11?
People in Freeport living in their car, but interest still adding.
joeblow 5 years, 5 months ago
Nobody saves money in the hope that the government will have access to it one day AND the government has a poor track record using funds for the purpose they state they will!
Why not have a chain of inheritance from nearest living relative that progresses to the gov't if no one comes forward to claim it after say 15 years, not seven.?
TalRussell 5 years, 5 months ago
Ma comrades, the old ways Bay Street Boys are made look likes good Methodist Sunday school Boys - compared 10 May 2017 Imperial reds.
But weeks back I posted to these hereto Tribune blog pages, how there was a Imperial red cabinet plot underway force banks turn over private and business banking information in preparations introduce 'income tax' in 2019.........And, they would soon begin stealing customers 'dormant bank account funds' left unclaimed that will simply disappear after being tossed into never disclosed millions and millions wasteful waste buckets. { Some stuff is not just made up }.
Bonefishpete 5 years, 5 months ago
Good idea. Then merely change dormant rules later to two years. Government budget problems solved. Lol
Gotoutintime 5 years, 5 months ago
Tal---This time I have to agree---I think income tax is coming---Then you will see an exodus!
sheeprunner12 5 years, 5 months ago
It's just a matter of time ....... Jamaicans (and most of the First World) have seven mandatory taxes that they have to pay ......... while we complain about a "little VAT" ............ smt
TalRussell 5 years, 5 months ago
Ma red shirts appointed comrades running Bahamaland Resolve is 'supposed' to be paying interest payments due to Bank of Bahamaland (BOB) on twice bailed-out 'toxic' loans from BOB balance sheet in exchange for two injections of promissory notes or government bonds, valued collectively at $267 million. Didn't Bahamaland Resolve not foreclose on prominent red shirts properties... did they sell it and to whom and for what amount monies... did they offer purchaser attractive interest and payment terms?
Gabor 5 years, 5 months ago
I suggest seizing money's that lay dormant for 2 weeks next. Now the government is robbing the banks. Nice.
DDK 5 years, 5 months ago
Sounds like stealing to me. Pure and simple. These people so brazen they tief in broad daylight! In Germany they are saying Merkel Muss Weg. If Minnis was their Chancellor they would say Minnis Muss Weg!
TalRussell 5 years, 5 months ago
Ma comrade DDK, sounds like?
If your neighbour obtained case with 12 tins Sardines and you accepted any tins Sardines and if you had any suspent believe they were obtained by illegal means - AG Carl Wilshire can charge your backside with accepting questionable property..... But the government accepted back payments penalties in the millions dollars from several of of Numbers men's - even though they had to have had a high suspect that the millions dollars used pay penalties - came from proceeds criminal Numbers operations. ( Some red things you just can't makeup that the levy back penalties in the millions of dollars were for exactly for having operated illegal gambling operations }.Sounds so Trumplike when as long as Prince gives US lots monies - he can do as he damn well pleases.
proudloudandfnm 5 years, 5 months ago
Who's money is it? How you ga take people's money talkin ass bout dormant????
This idiot and his crew of idiots gotta go...
sheeprunner12 5 years, 5 months ago
Many other First World countries do the same thing ......... are they asses???
joeblow 5 years, 5 months ago
The short answer is ...yes!
The_Oracle 5 years, 5 months ago
Note that much of the $$ is in US dormant accounts, with estates and inheritors unaware of its existence. However, the proper mechanisms aught to also be put in place to give a structured process to claims. Discovery is an important part of law is it not?
TalRussell 5 years, 5 months ago
Pity the individual who likes most us have tucked away some cash just in the case a rainy day..... But when they shows up in front bank's teller to withdraw their money - the comrade discovers, not only did the bank turns over all cash to Minnis and KP but they spent every dollar it and kept no accounting what for? { Can't just make such disturbing nonsense up }.
ThisIsOurs 5 years, 5 months ago
They bought a hotel for 65 million to save 400 jobs. Now they want 41 million to start a disaster relief fund for the entire country. You can't make this up. Then they found out more than half the people they were saving wanted severance pay. This one will blow up in their faces too. They'll just show up on some island handing out random cheques to attempt to disastrously buy the next election. That money is as good as gone. Remember the Isacs man and his 16 million disaster cleanup contract
screwedbahamian 5 years, 5 months ago
The FNM Ingraham ( PAPA DOC) robbed the Real Bahamians of their National Insurance Small Pension Benefits in 2010 and NOW the FNM Minnis ( DARK HITLER) will take the Savings of the Real Bahamians. These funds belong to the Bank clients or they are deceased, their families. It is the Bank responsibility to search the whereabouts of the clients or their immediate family and disburse the funds to them. To open an account with any bank in the Bahamas, one must disclose how many times they have a bowel movement each day, they can obtain a beneficiary for the account. If the proceeds of any Bank account contain Funds from the commission of a crime then those funds become the property of the state only. This is economic desperation.
BahamaPundit 5 years, 5 months ago
Why not try find the relatives if the owners have passed. This is stealing!
bogart 5 years, 5 months ago
THe BANKS CONTINUE TO GOOSIE DA GUBBERMINT....!!!.,DA BANKS CANT LOCATE.......42,000......BANK ACCOUNT HOLDERS....WHEN TO OPENS DA BANK ACCOUNT IN THE FIRST PLACE.......THE ANTI MONEY LAUMDERI G LAWS REQUIRE BANK ACCOUNT APPLICANT..RULES......PROVIDES......BANK WID..... .WID BAHAMIAN ADDRESSES...ST..LOT...SUBDIVISION...HOUSE NUMBER.....P.O. BOX MAILING ADDRESS......2 PIECES OF PHOTO ID TO OPEN BANK ACCOUNT.....PASSPORT....NIB CARD...PHOTOCOPIES...EVIDENCE MONEY TO DEPOSIT CAMES FROM LIGITIMATE SOURC...DAS JOB..LETTER.WID EMPLOYER..DEY LOCATION...PHONE..NUMBER...POBOX NUMBER..........EVIDENCE BY WAY OF UTILITY BILL..PHOTO.COPIED...TO PROVE THE PERSON HAS A BAHAMIAN STREET ADDRESS TO...... COUNTER KYC COMPLY CENTRAL BANK LAWS..DOCUMENTS PHOTOCOPIED....EVIDENCE KEPT....,!!,..............ABSOLUTE CRAP....BANKS CANNOT LOCATE....42,000 DERE CUSTOMERS......,!!!....unless it appears..banks do not have info to track down 42,000 customers an passing it on to gubbermint to now be responsible.......
CaptainCoon 5 years, 5 months ago
I wouldn't really care if the government didn't have these obscene deficits year on year. The Christie administration and now the Minnis administration both massively increased government revenues and still fail to curb spending. We have baboons and monkeys making our financial decisions. These people make bad deals and are destroying this already backwards country. SAD!
DDK 5 years, 5 months ago
Baboons and monkeys are known to be quite intelligent. You do them an injustice.
Damifiknow 5 years, 5 months ago
The vat charge on bank accounts don’t suck it off quick enough for them!
bogart 5 years, 5 months ago
Banks cannot LOCATE....OVER 42,000 BANKING ACCOUNT HOLDERS......FOR YEARS..AN YEARS....AN BANK ACCOUNT DECLARED ...DORMANT....mind you certain measures to obtain identification docunents....to comply with Anti Money..laundering...Proceeds of crime....Money account Compliamces.......QUESTION.....IF BANK HAS 42,000 ACCOUNT HOLDERS THEY CANNOT ....LOCATE.....HOW WILL THEY BE ABLE TO LOCATE ANY MONEY LAUNDERER...OR CRIMINA....IF THEY CANNOT DONE LOCATE 42,000.....REGULAR CUSTOMERS WHO ACCOUNT NOW DORMANT.....???L
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