PM confirms that Amory Requested Financing from National Bank
(ZIZ News) — Prime Minister of St. Kitts-Nevis, Rt. Hon. Dr. Denzil Douglas, has confirmed a ZIZ news item where it was reported that Nevis’ Premier, Hon. Vance Amory, recently wrote Dr. Douglas once again seeking help in acquiring funds from the St. Kitts-Nevis-Anguilla National Bank [SKNANB].
The information was revealed during an interview, last week, with Choice Radio’s Walter Morton. While Dr. Douglas did appear to choose his words carefully, he clearly stated that he had received a letter from Premier Amory requesting his support in dealing with the SKNANB.
“Let me be frank with you. I received a letter from the Premier which was asking for my support in having the relationship between the Nevis Island Administration and National Bank become normalized. Because again, there seemed to have been some clear misunderstanding as to what the bank can do for the Nevis Islands Administration if the outlines given by the bank are not being followed. I believe that there was a concern that the NIA was again making a request for support but again, it would appear as if the conditions were not being met,” the Prime Minister explained.
He added that while the Government of St. Kitts and Nevis is in fact the largest shareholder in the bank, it cannot dictate to the institution how to conduct its business. Dr. Douglas said that his experience in government allowed him to foresee financial trouble ahead for the Nevis Island Administration. This, he explained, was the reason for which the emergency sitting of the National Assembly had been convened in September.
He explained what was to be debated.
“One would be a federal guarantee of about one million dollars which would have assisted the NIA in meeting its commitments to the public servants in Nevis and then there was another resolution which was to allow a fifteen million dollar federal guarantee because I had foreseen that the Nevis Island Administration was going to need an overdraft of about fifteen million dollars, which is what I think the bank was prepared for, but there was no security.
“So I said let us do it one time. But as you know what happened in the end, that was aborted because Mr. Brantley went publicly and said all kinds of nonsense when in fact he did not know what was going on,” Dr. Douglas explained.
This is the second occasion in recent times where the Nevis Island Administration, which is reported to be extremely cash strapped, has turned to Prime Minister Dr. Denzil Douglas and his government for support in acquiring financing from the SKNANB.