M&CC to review relationship with Republic Bank

Jan 13, 2009 News

The failure of the Republic Bank to render assistance to the Mayor and Councillors of the City of Georgetown when it was faced with its recent financial crisis may see the municipality rethinking the relationship it currently has with that banking institution.
This notion was highlighted yesterday at the municipality’s first statutory meeting for the year.
Deputy Mayor Robert Williams, who brought forward a resolution in this regard, pointed out that the municipality has in fact been doing business with the bank for more than 100 years. In that time, the bank has changed ownership.
The municipality had sought the assistance of the bank to pay its 900-odd workers their wages and salaries last month. According to the Deputy Mayor, a request was made to the bank to transform an overdraft into cash which could have amounted to about $50 M.
Williams disclosed that, had the bank made that money available, workers would not have gone without their much-needed monies over the Christmas holiday. He added that the money would have been repaid, since the municipality was awaiting the Government’s $53M rates and taxes payment.
The Deputy Mayor pointed out that the move by the bank was very unfortunate and unfair, given the fact that for last year alone the bank received more than $15 M in overdraft charges, and more than 500 cheque transactions from the municipality.
Additionally, he revealed that over 500 municipal workers’ monies are paid through the said bank.
“My concern is that after 10 days of a request, they (Republic Bank) are saying that there is no word from Trinidad. We have been increasing our transactions with the bank, although we have not increased our revenue base,” Williams pointed out.
It was against this background that the Deputy Mayor requested that the council take note of the bank’s behaviour and review the existing relationship.
Embracing the Deputy Mayor’s presentation, Councillor Ranwell Jordan lamented the fact that the banking institution refused to assist the municipality in a time of urgent need.
“This bank let the council down in a crisis situation. We should at this time explore other facilities,” the councillor asserted.
Jordan established that since Republic Bank is in competition with other banks, the services of the other banks could be sought as well.
However, City Mayor Hamilton Green warned the councillors to address the situation with much caution, even as he highlighted the fact that the municipality may not be the best of customers with the prospects of deposits.
As such, Mayor Green advised that a delegation of council officers visit the banking institution with a view to hearing the bank’s explanation of its decision.
Meanwhile, expectations that a motion to allow for the re-election of Mayor and Deputy Mayor of the municipality would have been brought forward yesterday did not come to fruition.
The motion has been deferred to a later date.

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M&CC to review relationship with Republic Bank

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