Finance Minister Harris says Information on Bank Deposits, Released by Former Administration, is Misleading

(ZIZ News) – In promising a “fair share for all”, the country’s Finance Minister and Leader, Dr. Hon. Timothy Harris told residents of Constituency 7 that information released by the former administration surrounding bank deposits in St. Kitts and Nevis were misleading.

In 2009, then Prime Minister, the Rt. Hon. Dr. Denzil Douglas said during a press conference, that deposits in commercial banks in the Federation over the past 14 years had shown a record of steady growth. Then in 2014, Dr. Douglas said commercial banks operating in St. Kitts and Nevis had assets totalling EC $6 billion as of December 2013.

But speaking at a town hall styled meeting last week, Dr. Harris said despite those announcements, the ordinary man and woman were not seeing such savings reflected in their accounts.

He said, “they kept telling us how the banks were filled and overflowing, that they have reached certain critical thresholds with deposits and so on and they saw that as a sign of progress and yet you know how very little you had in the bank, how very little you had in the credit union so you were not part of that progress.”

Dr. Harris said the savings reflected those of persons living in other territories who were interested in acquiring St. Kitts and Nevis Citizenship.