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PM TAKES ON CAPBANK IN PARLIAMENT PDF Print E-mail

SOME CONTENT OF RECEIVER'S REPORT REVEALED

St. George, May 20, 2008 -- At Tuesday's sitting of Parliament, Prime Minister, Keith Mitchell reiterated that no member of the NNP had anything to do with Capital Bank International, other than counseling the bank and supporting the start up of a local institution.

He blamed the bank's predicament on the failure of its management to listen.

Contrary to instructions from the Justice Claire Henry that the contents of the Receiver's report should be made privy solely to the ECCB, Minister of Finance and CapBank's CEO, Finton DeBourg, the Prime Minister also disclosed some of the contents of said report; stating that his disclosure might not necessarily sit well with the judge.

The information revealed at today's sitting was as follows:

**Deposits  EC$43.8 million        5,813 persons
**Loans EC$36.3 million             647 loans
**54.6% of loans went to one company called Native Hut (unsecured loans)
**Outstanding withdrawl requests of about EC$3 million
**Bank has total assets of EC$71.5 million and liabilities of EC$70.7 million leaving a capital of EC$0.8 million.  **There were 63 employees, a main office and eleven branches.

Click here to listen to Prime Minister's presentation. (00Hrs:12Min:21Sec)
 
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