The Agricultural Industrial and Development (AID) Bank is being plagued by the non-payment of loans, prompting Deputy Prime Minister Reginald Austrie to appeal to clients to meet their obligations to the institution.
Speaking at the annual general meeting of the bank this week, he said reports show that delinquency has climbed to about 50 percent in the last financial year.
“It is with dismay, however, that your report shows an increase in non-performing loans of somewhere in the region of 50 percent during the fiscal year 2106-2017,” he said.
According to Austrie, the industrial sector took the largest chunk of non-performing loans at 42.5 percent, followed by tourism at 35.1 percent.
“Of equal concern is that the portfolio at risk ratio now stands at 38 percent up from 34.3 percent at the end of the previous year,” he stated.
He said it appears clients are not taking their obligations seriously.
“I am sure that clients can advance many reasons why they did not meet the obligations and these reasons may well be valid,” he noted. “The truth is that too many of us do not attach high priority to such payments.”
He said many borrowers don’t take their obligations seriously, “some may go as far as to suggest that the bank is owned by the state, so why should we pay.”
“I will repeat, as we have done on numerous occasions that when borrowers do not meet their obligations, it is the taxpayers of the country who will bear the cost,” Austrie said. “I, therefore, urge all of us who owe the bank to meet their obligations.”
How much is the bank?
How do thieves lecture other thieves!
that must happen cause is the wrong set of ppl who get loans. tell me how a man and his wife who works for the government is denied a mortgage by the bank….i mean really….well take what all you get in all u….jah guide my tongue.
Amen!!!! I ALWAYS SAY THE SAME THING
The cause for the delinquency is simple , because when a Government discourages people from working and and destroyed the manufacturing industries and opt to give people hand outs which can only allow them the buy meals for a week how the hell would they be able to pay real bills? So this sort of domino effect we are seeing with the Aid Bank is sadly the first in a series of devastating economical bluffs that this lazy DLP administration is doing.
Mr. P.M please reopen all the industries you met when you forced yourself into office and the people will have money to pay our real bills.
In an article dated May 16th, 2012 at it’s AGM the AID bank served notice that it was serving notice to the delinquent borrowers that time for defaulting on loans was over and it was going to come after them to collect monies owed.So what happened why we are hearing again in 2018, six years later that delinquency on loans is a major problem for the bank.Knowing what we do about the state of the economy following TS Erica then hurricane Maria, and the fact that government is the main job creator in the country, all be it tempory jobs, it’s not surprising that defaulting on loans is so high.Is it that political interference raised its ugly head as well, in contributing to the problem identified.The tentacles of government politicians are everywhere.The only way you can get suffering people to meet their obligation to the bank is to have positive cash flow and net income.The end result is with the last amending to the banking law the bank will end up with a lot of assets in its hands.
.The end result is with the last amending to the banking law the bank will end up with a lot of assets in its hands.
On it’s hand. you meant right.
Anything that is political; there must be problems!
I know I am not a loved man because I am very critical of this government and the corrupted ways of the players in the government, nevertheless will say this, and take the heat!
I will bet anything more than ninety (90%) percent of the people who are delinquent are members of the labor party, and their supports!
You see, the easiest way to rob a bank is to legitimately borrow money, and not repay the loan. In Dominica there is a lot of thievery taking place in high places, the white and blue color thieves considers it their privilege to steal, by so doing they live a lavish lifestyle.
A poor Red Devil look at the lifestyle of those they worship, and want to be like them, now because all they have to do is dress in red and go get a loan when people who can pay are declined, the red devils believe they are entitled so they do not need to remember they owe!
Hahahahahahahahahahahahahahahahahahah!
You are the example for those delinquent customers/clients at the AID Bank Minister Austrie; Venezuela forgave the debt for which you and the Punjab PhD have not given the Dominican people an account of. Would it not be the only gracious thing that you would have ever done but to forgive their debts; i’m sure without a doubt CBI monies can take care of that.
This country is in more trouble than most realize….stay tuned, …
Matrin charles was just appointed why is he the scape goat after all that agriculture distruction. The government should have focus on clearing farm roads so that the people could be productive after one month. You cannot ask people to pay loans when you are not providing the opportunity for them to work. Then again was was done with the monies meant for farmers. Houses are being built for whoever.
What irony. Can anyone else see the irony in this.
A minister representing the government of Dominica saying people who have no jobs, no income, no personal relief aid coming in, should pay their debts.
Another minister representing the same government, which is getting pledges of millions, and in some cases billions of dollars in relief aid from all over the world, went to a regional meeting, and asked that regional organization to forgive it it’s dues.
Now that is testicular fortitude of the grandest order!
All loans have security, now, the problem with the bank is if they loan to a “big boy” and he not repaying. When the bank goes to repo his land or business. The big boy calls his friend in higher power and his “high friend” calls the bank and tell them “leave him”. So when a client with a big loan (say they paying 90,000 as installment ) not paying, even if 200 people paying small loans it will look bad still.
So let me break it down for the bare foot, uneducated people like myself, it’s not the “Dominicans” not paying their loans, is the large sums of money lent out is not coming back. Cause if you are one client that owing 25,000 and you never pay it back, that not even making a bleep, if you’re the only client not paying back. But if you have a 2,500,000 that is not being paid back by just ONE person or company, imagine the stain that will show on a pie graph. But they will never say that the bank is how it is because of the million dollar loans they give their friends
Reggie stop talking …..let the bank officers do their work without any micro management from the board and the bank will prosper. You put laborites on the board who intefare in the day to day operating and then you cry about delinquency and about tax payers having to pay the bill in the end..are you serious dude? You and your team don’t care about value for money and taxpayers. Bin Bobool…overpriced bridge ado you remember those?
Every time things are not working right, this government lays the blame at the feet of someone other than the policy makers and management.
If you fail to create an economic environment which is vibrant and encouraging, people are going to struggle. When you create and encourage a culture of RED CLINIC dependency, then those who come to you for hand outs are going to be very careful how they spend and so you stifle the economy even more.
When properties are seized and put on sale as suggested, all that happens is that those who are struggling due to poor governance lose the properties which they have struggled to maintain within the family after inheriting from generations before them and the few who are selling passports and doing well can acquire more and more wealth while the middle class is decimated!
So yes my people…keep ignoring a government which is devouring you and depriving you of equal opportunities and continue watching your country sinking with no resistance…
yes, like everything else in D/ca, things are not looking to good for D/ca
THOU SHALL NOT LIE PM because one day your lies will expose you and not even the lying senior counsel will be able to help you
Awa DNO there is too much breaking news to talk about Reggie and Skerrit propaganda. DNO, here is what according to DNO article states regarding Dr. Douglas and our Dominica passport: on Feb. 28 2018 “We continue to say and we file as our response that having a Dominican passport does not mean that I am a citizen of Dominica,” he told reporters. “In fact, the Prime Minister (Roosevelt Skerrit), himself sent in his own statement as a witness to say that Douglas never applied for citizenship, Douglas does not have citizenship, Douglas was never granted citizenship and he has never taken an oath of allegiance to Dominica.” https://dominicanewsonline.com/news/homepage/news/general/dr-denzil-douglas-says-he-received-dominican-diplomatic-passport-as-a-courtesy/. But today, he has changed his bit and exposed the lies of PM Skerrit: http://www.thestkittsnevisobserver.com/local-news/douglas-finally-admits-holding-traveling-dominican-passport/
No boy Reggie, Skerrit needs to tell us why the Bank is plagued with delinquency because my PM is so powerful that he gives Diplomatic passport to whomever he wants to, without them having to fill out application form. No he will have to bring Dr. Denzil Douglas down to help us deal with that bank delinquency http://www.thestkittsnevisobserver.com/local-news/douglas-finally-admits-holding-traveling-dominican-passport/
Maybe we should ask Dr. Denzil Douglas to help us solve that problem since he is Dominican like the rest of us: http://timescaribbeanonline.com/dr-denzil-douglas-must-present-dominican-passport-to-high-court-judge-within-7-days/
Dominicans have a total misunderstanding of business. A person with an idea is not a businessman; he might become one after investing his time and money. But someone with a lazy disposition who thinks that opening a shop, hotel or restaurant automatically translates into business is nothing less than lazy. Business skills are sadly lacking in this country where the customer is treated like enemy and insulted with inferior service. No effort is made to pay skilled workers to design and construct a pleasant business environment. The city is under lockdown at 4:00pm. So people go to Mahaut to get a drink and food. Owners of businesses need to understand that they must work harder and longer than their employees. Until then, the AID bank will not serve its intended purpose.
begin with the Pirates on land ,those running the country.
” therefore, urge all of us who owe the bank to meet their obligations.” stemming from his comments (all of us who owe. ) As FET stated thy receive a check monthly be it from Passport sales work from their rented equipment lol and other investment obtained from side stuff
Where’s my bon jean Sanders Barbs on this topic? is she travelling again?
Boeuf has it: Barbs is in Zimbabwe recruiting 4 Darroux Et Al.
people want to know & have been asking if she is a diplomat Lol
Joke but serriously where is barbs ?
I am laughing and happy. The difficulty and road blocks they have thrown my way for a loan to repair my casa after Maria, where I am well poised to pay is like Karma. I have been a client for the last 13 years and met my every obligation but decide to treat me like a high risk client like those friends of theirs.
You clearly are a supporter of the wrong political party. The AID Bank is the financial arm of the ruling regime.
Let Martin Charles pay its all his fault
“The Agricultural Industrial and Development (AID) Bank is being plagued by the non-payment of loans, prompting Deputy Prime Minister Reginald Austrie to appeal to clients to meet their obligations to the institution.”
Ridiculous!
Could it be that Austrie exists on another planet, or he is so shallow that he is unable to comprehend the magnitude if the events of Maria, and prior to that Erika? It’s all about work and pay! If one makes a living in the field of agriculture, or any farming employment.
Whereas we had two destructive hurricanes in succession, blowing houses, people, and crops away; added to the fact there is no organized market for Dominica agricultural products, where does Austrie expect people without a source of income to get the money from to repay a loan?
The man is laughable!
Because he receives his monthly pay check which derives from the sale of passports, and the donated money by governments, and private organization, he believe that is…
More BS again coming from a senseless who claims he has 3 degrees in BS-ology!
One of the things a computer does is expose to the world how uneducated and dumb some people are!
And those people without any scholastic are the ones who like to use computer and smart phone the most!
From using a name like tell the facts, the original to kid on block: you so stupid you wrote the reason you are become Kid on block is because you are getting too many thumbs down using your other fictitious names!
You are an idiot!
I bet my life against a dollar from your pocket you cannot write your true name, and surname on DNO; I bet you can’t write it, is because you are a fictitious nobody; you are nothing more than a bit of scum of the earth, dirt bag!
But pm all the house all u cutting bow tie at least let them pay a monthly fee tomuch laziness in this country give them work to do let them clean and weed the streets if that’s what they can do to pay back all the free bies. This country will never go forward if is so you all want to continue
The pm build apartments in elmshall, some of the people occupying the apartments have big jobs in ministry, yet still none of them pay a cent in rent. That is the culture we have instilled in our citizens so why should people pay their loans. Also you forgot to say poor management is plaguing the aid bank. A general manager that is arrogant and have no manegerial skills, a board that need to throw every last one and welll n incompetent chairman Martin Charles for the last cetury.
Amen to that one
Dominica’s law and banking system is weak. There must be legislation put in place to take action against delinquency. Dominicans have the mentality thinking everything is free. The bank should seize property and sell to get their funds back. This is why Dominica will always be at the bottom of the list in the Caribbean in moving forward. It’s because of your people’s shallow mentality.
“Dominica’s law and banking system is weak.”
Nonsense! Banks do not usually loan people money without some form of security guaranteeing the borrower will repay the loan.
Unusually the bank might requires a property deed (land and house papers) something they can foreclosed on to sell to recover their money.
If that is not happening in Dominica, it is all because of politics, and backwardness! In the case of that bank perhaps all the borrowers are DLP supporters, and they believe as long as they dress in red and say “god bless Skerrit” they are entitled to free money, ans as such they are not obligated to repay.
On the other hand if their loans are secured loans, and whereas it is a state bank government knows if they ever foreclose on one red devil property they will that one vote which might cause them to lose the election. In any event Austrie is simply running his mouth off to appease Roosevelt.
Entitlement is in the mind of the red devils!
Like Mama i Hunt Land?
When when the same mama you know; now she is long dead, when she was alive, cockroaches like you did not know her; you all left her to suffer without helping her. I had to pay people to look after her: I paid Felesha and aunt Veronica, who are now also dead to look after her!
Julia, also help, she is still alive, and can verify that I took care of my grandmother you see; so you can talk about mama land as much as you wish, you can’t set foot on it okay! Even after I die, you will still be more fire, until you burn to ash, but you will not set foot on that bit of land!
Sometime this week or next week look and you will see what is taking place on mama land! I leave it to Jocelyn to do whatever she want to do with it for her mother, my sister, If Marie die before me, Hansey will get mama land!
I doh even know you!
Legislation means nothing if it is not enforced. Our leader himself said infanously that no law and nocostitution would stop him., aided and abetted by his enabler apologist, whose whole strategy is based on legally circumventing the laws that are put in place to protect us. Good luck my friend
My sentiments exactly !
Smh. We, the taxpayers have to bear the burden and those of us who are public officers suffer the most. No salary increases for years. Then we retire and cannot support ourselves. Smh. If I were a nurse I would be gone already. At least it would be worth my hard work.
Why is First Caribbean no crying the blues like AID Bank. When you give loans to people and businesses that would not normally qualify for loans, that is what you get – SUB-PRIME loans. But you are not charging sub-prime interest rates.
You cannot run a business like a government department.
Seize their property and auction it off. Not repaying loans is engrained in the Dominican psyche. There is a history of not repaying loans that proceeds Maria. A major cultural change is needed if Dominica is to progress.
If you seize property you have to sell it off to at least cover the outstanding debt an the more you seize property the more it will overhang the market and depress prices further, while giving your balance sheet un unhealthy positive look.. In any case one would have to take a long term gamble to invest in property in Dominica right now. I would not take such risk at present.
As soon as you find a few buyers, let us know. The fact is the economy is at a standstill. Everything is being blamed on Maria but these problems existed before. If you know you can get a house for free, why bother with the one used as security? Who is going to buy it? Take a little time to look at the prices of properties in Dominica and you will understand. First of all, they quote in US dollars!!! Second, you should see all little three bedroom houses for sale for million dollars. Open your eyes! Loan shall not pay. Repossession is futile. Court system is a joke. Will get a house anyway and money for bills! Food for thought!
This is exactly what happens when everything is given free. A young woman goes to school gets her degree comes back home with a loan, no job. Another young lady gets pregnant by some spirit (no father) gets a house, pampers allowance plus an monthly allowance. The list goes on and on. Everybody wants their share of the pie. I feel sorry for our political leaders for cultivating such a society. Sad indeed.
Party political socialism a la Skerrit. That’s why they all love their PM.
Look even the aid bank going and need Aid justnow
But I just Cannot understand this cabal you Know. Martin Charles was the man in charge of the bank and must be the one held responsible for causing the AID BANK to be plagued with deliquency, yet Skerrit, who is finance minister just promoted him to ambassador. They promote failure and demote success as if to suggest that success is a crime to their vision. Man Dominica is in deep deep ship with that cabal
That gets Martin off the hook doesn’t it. it. Smart guy.
The stupidity of the voting public is amazing !