The Bahamas government has again sought to reassure nationals that it was not interfering in the operations of the Bank of Bahamas (BOB) in which it has 65 per cent majority share holding.
“The Government does not control or interfere in the management of BOB. The Government is aware, however, that the Bank has already made a number of positive changes to its policies, practices and management structure which will prove beneficial to the Bank as it moves forward.
“Moreover, additional improvements to the governance of the bank will be made in due course. In the meantime, however, all customers and the public alike can rest assured that the Bank of The Bahamas is sound, that its fundamentals remain strong, and that it has the full backing of the Government,” the Perry Christie administration said in a statement.
The statement comes less than a month after it issued a similar statement telling Bahamians that their funds were safe and that there was no need for fear or concern.
In the new statement, the government again told customers that they “have no reason to be concerned. “Their money is safe and secure. Indeed there is no greater support that any bank can have than the backing of the sovereign government of the country. The Bank of The Bahamas has that backing. Indeed the Government has just recently demonstrated that commitment and support,” it said.
Like the previous statement, the Office of the Prime Minister gave no reason why the statement had been issued about the Bank of the Bahamas, but last December, managing director Paul McWeeney in his report accompanying the finances for the quarter ending September 2013, noted that overall weakness in the economy, coupled with an “anaemic outlook” continues to negatively influence financial results.
Source-CMC
