Published 2 December 2017
Buckie Got It, St. Kitts and Nevis News Source
WINNFM: Prime Minister Harris and National Bank administrators dodging ECCB concerns
Basseterre, St. Kitts, December 2, 2017 – Prime Minister and Minister of Finance, Dr. the Hon. Timothy Harris and top administrators of the St. Kitts, Nevis, Anguilla National Bank (SKNANB) continue to circumvent questions surrounding concerns raised by the Eastern Caribbean Central Bank (ECCB), with regards to a number of deficiencies at the National Bank, according to a WINNFM report. The concerns from the Central Bank were reported by WINN FM two weeks ago.
WINNFM pointed out that Prime Minister Harris, when asked if any adjustments were made to address the concerns of the ECCB, during his press conference at Government Headquarters on November 29, did not directly answer the question.
“With respect to the WINN story regarding a draft report, it would be foolhardy for me even to make a comment on a draft report, supposedly confidential report, leaked to or by the media, at this time or any time. So I will refrain from any commentary in relation to that report,” Dr. Harris is quoted as saying.
“Except to say that I sit on Monetary Council of the ECCB and the reality is the National Bank remains a bank of good standing, it remains the largest indigenous bank. It has inherited, that is the new Board, has inherited a number of circumstances at which I am not at liberty to get into, that is a matter properly for the Board, but even to say some of the inheritance well known in the public was the problematic Land for Debt Swap. So if it is that someone says the bank raised the issue of the Land for Debt Swap, that not us, that is now attempting to consecrate the future.”
After nearly three years in office, Dr. Harris and his Team Unity Government are yet to fulfil the campaign promise of reversing the Vesting of Certain Lands Act within 100 days of taking office.
According to WINNFM: “at no point in time did the Prime Minister refute the concerns forwarded by the EECB. It should also be noted that the “leaked document” was also forwarded to a top National Bank official, hence suggesting that the document was not a draft.”
“The bank (National Bank) was assigned an overall composite risk rating of high. The examination identified areas requiring immediate remedial action. Corporate governance required improvement. There were deficiencies with the group structure and weaknesses such as: no independent directors; poor functioning of committees; absence of updated policies and procedures; and one director who does not meet the fit and proper criteria set out in part VIII of the Banking Act. In addition, there were some concerns regarding the oversight provided by the internal audit and risk review functions,” were some of the concerns raised by the ECCB.
Photo: Dr. Timothy Harris
