Acting prime minister, Ambrose George, has said the government will provide EC$5-million to the Dominica Agricultural Development Bank (DAIDB) for unlending to special mortgages.
George was delivering an address at the 21st annual general meeting of the DAIDB held at the Atlantique View Resort and Spa in Anse De Mai on Wednesday.
“It is the success of DAID Bank in implementing its program that has persuaded this government to make available another EC$ 5-million to the bank for onlending for special mortgages,” he stated. “The success of your contribution today, however, does not mean that your task is complete. It means that the DAID Bank cannot be complacent with its success but that it must continue to try to better its own accomplishments.”
Meantime, an improvement of 28.59 percent, equivalent to EC$1.30-million in net profit, is what the DAIDB has reported for this year as compared to last year’s net profit of EC$1.01-million.
Chairman of the Board of Directors Martin Charles made the disclosure during his report on the bank’s performance for the period 2012-2013.
“A total of EC$8.22-million or 5.98 percent of total approvals has been invested in infrastructure. The banks newest lending category; social sector lending for housing and education amounted to EC$ 32.44-million or 23.59 percent of total approvals,” he said.
Charles mentioned that disbursements over the same period have amounted to 80 percent of approvals, “and these financing activities have created job opportunities for an estimated 2,947 persons throughout Dominica. And those are real jobs, not those that have been promised, but real jobs.”
The chairman also noted that in an effort to achieve its financing objectives, the bank attracted funding from traditional and non-traditional lenders amounting to US $31.74-million.
“New lines of credit including US$8-million from the Caribbean Development Bank (CDB), US$ 10.04-million from the Banco de Desarrollo Economico y Social Venezuela (Bandes), and USD$4-million from the CARICOM Development fund,” he said. “During the period in question, the bank also obtained a line of credit of EC$10-million through the government of Dominica for low income housing”.
It’s all well and good to give aid bank money Mr. George. But my god the things they ask you for to get the loans is madness.
I want to re-finance my student loan but I cannot bring back my dead mother to provide security. I hope the bank follows Mr. Corbette’s advice and look at ABILITY TO PAY
Mr. Charles you should have known better than to utter such “…and those are real jobs, not those that have been promised, but real jobs.” Leave comments like these to the politicians, Never knew you as a singer of songs!!! because as far as we can recall over 400 jobs have been recently promised by the GOVT. through the national employment programme (they not real jobs as yet!!!) or maybe you trying a doosra at the 5000 jobs promised by the UWP!!!
All projects are suddenly expected to be completed by February.
My thinking cap is out and I will vote the Labour out. Give another man a chance and Let labour be the opposition. We will do our comparisons.
is ‘on’.
“Agricultural Development Bank (DAIDB) for unlending to special mortgages”( Ambrose George).
I have a problem understanding this terminology used by Ambrose George, the word is “unlending.” Maybe the reason I am dumbfounded by this term might be because I am not a linguistics major, therefore I need help defining this word unlending.
What is this long over due retiree talking about?
Can somebody please define unlending to me, unless I am senile, dunce, or delusional, I believe banks are in the business of lending, or making loans available to people; ( so, I ask what is “for unlending to special mortgages” means).
Is this another ploy to deceive and distract the people of Dominica?
If he erred, he need to read his crap and correct it, since to me unlending could mean undoing something, perhaps taking back a loan that was approved in any event the man seems to be talking nonsense!
Francisco Etienne-Dods Telemaque
OMG…..the great intelligent Francisco doesn’t know what unlending means? Hahahahahaha.
Unlending is paying off your loan instead of making the payments.
In other words, if you took a loan of 5 bucks, instead of paying it back with one dollar this month, and another one dollar the next month, someone (say you nenen) can give you five bucks and you can pay off the loan in one big sweep.
I know you senile eh, so I try to make it as simple as I can. Even my eight year old understood it, so I am sure a man like you, who studied medicine and who is an expert at everything will understand.
Or will you?
Hahahahahaha
I mean this is no laughing matter, if I do not know the meaning, the best thing I could have done was to ask a question. To be honest I never heard the term unlending before, and certainly has not found the word, not even in a Webster’s Collegiate Dictionary!
So you see, if your definition is correct, that simply proves people should learn from each other as none of us are perfect, none of us knows everything; man on a whole is limited.
I would much prefer to say the money would be made available to borrowers to pay of their loan in full in a lump sum rather than paying in monthly installments; so if there is such an terminology it is not one commonly used out of Dominica, and perhaps only in the Dominica banking system.
And here is what I know about paying off loans ahead of time.
Assuming one has a thirty year mortgage, and the payment P&I is a thousand dollars per month, if each during the duration of the loan the borrower pays an additional two payments per year, that would be two thousand dollars more each year, the total loan should be paid in fifteen (15 years) half the time, and that method can be applied to any loan.
So, the “unlending’ system is something unknown to me; thanks for your information anyway.
Francisco Etienne-Dods Telemaque
Is this really the meaning of unlending?
The term is “onlending”, that is, you borrow money to lend to someone else.
Giving Aid bank money but not paying students bill at UWI . Wow, but it good for them because most of the parent of these students will die for Labour Party and still defending them even my own family that’s there and the bills not paid
and we will continue
where there is competition the people benefit Lennox Linton have them on their toes.
“This is a quote from Lennox Linton, leader of the opposition UWP party in Dominica. The quote is in reference to the Prime Minister Roosevelt Skerritt’s choice of former Minister and member of cabinet Charles Savrin as President of Dominica.
Linton is the same talk show hosts who came to St. Kitts recently and during the last elections to host a program which in the last few months was soley geared to supporting the illegitimate Denzil Douglas government and their delay and failure in calling the Motion of no confidence for the last 10 months .
Linton said ““You and your colleagues are playing games of convenience with the constitution, when the letter and spirit of the provisions are crystal clear,” Linton told the attorney general. –
Lenox Linton is a mercenary hypocrite !” THis is a quote taken from the People Action Movement Facebook page. Dno, by no means am i telling you what to report, but a little investigation into some of these allegations would be appreciated. Ever since the drama with CMC,I cannot recall if there ever was a report on DNO. Just my two pence. Don’t get upset and please publish this comment. I have to beg becuz it seems you all are not neutral. Many thanks
@fioneerere STOP THE TREMBLING! I see Lennox as the Dominican Moses, who will one day free us from the evil, wicked, dangerous, merciless hands and clutches of this wicked and satanic team governing our land.
I LOVE HIM, AND I AM SATISFIED THAT THUS FAR HE HAS YOU AND SKERRIT ON THE ROPES.
Moses? Are you referring to Moses in the Holy Bible of the Old Testament? You are a joker. If so, you are blasphemous and toward God. Stay tuned for your future punishment when it will come. Stay awake for it!
Skerrit has gotten his real match , and trust me Linton is making him sweat. He called him into the ring. SKERRO LINTON IS HERE!
Oh please, get thee behind me satan.
I’m sure in your mind that you do have a legitate concern you want to bring to the fore. But for the life of me, I’ve read it once, twice, three times and guess what – I’m still confused.
Mr George do you have any idea as to why the calypso ‘AMBROSE PWEN COUWEE’ was written and sung by a local calypsonian?
I mean those who saw you ‘COUWEEING’ compared you with Usain Bolt you know.
I don’t believe anything Ambrose George say about bank because most times he has us wondering if those banks he talking existing.
Why can’t the AID Bank raise its own financing? That is what I believe it is chartered to do. To raise money (preferably at low cost) and re-lend it to entities who will in turn create jobs and by extension economic development.
Personally, I believe the AID Bank should be out of the student loan business because students often default on their loans. Furthermore, the collateral, worthless parcels of land, are most often sold at distressed prices.
Its a development bank, they borrow money to onlend to customers. So when the government says they provide money to AID Bank, it’s actually a loan and the Bank pays it back and then takes another loan and then pays it back.
The success of this actually depends on customers paying back their loan too and this is why when customers default on the loan, it affects everyone.
Earlier on I referred to you all as HEADLESS CHICKENS. Linton and his team have you all, all over the place,with party political goodies. What else Mr George? Are you aware that Mr Joshua Francis is in fact contestingthe Roseau South seat, to end you years and years and years of neglect of the Roseau South constituents? WHAT A SHAME THE EXTENT TO WHICH YOU BETRAYED YOUR CONSTITUENTS!