By: Galmo Williams – Leader of the Progressive National Party
TURKS AND CAICOS – My Fellow Turks & Caicos Islanders:
I am today very disheartened in having to address you on the closing of TCI Bank Ltd. The TCI Bank over a very short period of time had become a beacon of hope for the people of the Turks & Caicos Islands. Its primary establishment as an indigenous bank was founded on the principle of providing ownership for our people in a financial institution that would be profitable and could one day anchor the banking services in our country.
As far as the Progressive National Party was aware, the bank was well on its way to achieving that objective. Many Turks & Caicos Islanders had invested their hard earned money in the capital of the bank and scores of our citizens as well as those who have relocated to our shores had taken out savings accounts, current accounts, fixed deposit accounts and loans at the bank. The name, TCI Bank, had become a household name, a symbol of pride, and indeed a vital financial institution in the development of these islands.
Whilst it is still early days yet, and being very careful not to apportion blame at this stage, I am nevertheless concerned that it appears on the surface that sufficient effort was not made to save the bank. What further concerns me is that every effort seems to be made in certain quarters to roll back all the strides that we, as a people, have made in recent years. It is evident that on a daily basis the quality of life that our citizens once enjoyed is being increasingly eroded. This has become clearly evident since the British Interim Government under Governor Wetherell and Mark Capes have taken over the administrative affairs of our country. No one can deny the blatant disregard for the plight of our people and the pungent atmosphere of fear which now permeates over our country. As one person has said to me recently, “it is now only left for the Governor and his British cohorts to peel back the tar off the road in inflicting their damage to this country”.
I am a firm believer that unjust works never prosper and that the troubles we are experiencing today too will pass. But as a people we need to become more aware of what is happening around us; we have to realize that those who preside over us do not care if your money in the bank is safe or not; they do not care if you have a morsel of food on the table for your children to eat tomorrow or not; nor whether or not you are able to send your child to school to get a decent education. If they did, they would not continue to talk down the economy of our country; they would not be promoting higher taxation thereby causing a mass flight of capital from our shores.
If Governor Wetherell and his team meant the people of this country well, they would allow for inward investment to flourish thereby helping investors rather than being a hindrance; they would promote confidence in our country by letting the international community know that the Turks & Caicos Islands is open for business rather than weaving a web of red tape around any idea put forward for investment. Had they been more cognizant and respectful of investors and the fragile business environment that exists, the confidence in our economy would have been maintained even while the legal and political processes ran their course. A more positive attitude towards investors and our people on the part of our British occupiers would have engendered confidence and would have perhaps helped to save the TCI Bank.
My best wishes go out to the hard working citizens, guests, investors, staff, regional institutions and anyone who may have supported or have a stake in the TCI Bank. I can now only trust that the provisional liquidators and the powers that be work expeditiously in the best interest of all stakeholders. It is critical that this most disturbing matter be settled in a timely and efficient manner to minimize any losses that might accrue to the bank’s creditors and shareholders.
May God continue to bless you and the entire Turks & Caicos Islands.
