Two members of the official Parliamentary Opposition have expressed concern over the new Eastern Caribbean Asset Management Corporation Act, which is being debated in the country’s parliament today Tuesday 10th November 2015.
Parliamentary Representative of the Roseau South Constituency Joshua Francis and Senator Dr. Thomson Fontaine spoke to Dominica News Online (DNO) and some of their concerns include the short time span that they had to study the bill, the lack or limited public involvement and the funding of the whole activity, among others.
The Act, according to Acting Prime Minister, Dr. John Collin McIntyre, will be necessary in dealing with financial institutions that are facing difficulties. The Act will give the Eastern Caribbean Asset Management Corporation, the power to manage their assets and liabilities with the hope of cleaning up the banks and putting them back into circulation in a positive manner.
“I have two basic concerns. It has to do with burden sharing in terms of what kind of resources that we have to get to sustain the operation. For example if the idea is to get rid of toxic debts within the banks then what is Dominica’s share in all of this and to me that is not clear and that is one of my major concerns. I am also concerned that it is basically tax payers that are going to fund this whole thing,” Senator Dr. Thomson Fontaine said.
He said it is very clear that tax payers will be footing the bill and “secondly where you have to take over a bank that has toxic assets. Where is this money going to come from in terms of the banks?”
“And also fundamentally I worry about the public sector intervening in the private sector like this. To me these types of activity should be relegated to the private sector. In other words, I would like to see a private corporation involved in that type of activity and not something that is funded by the tax payers,” Dr. Fontaine continued.
The Senator is also concerned about the length of time that opposition parliamentarians were given to go over the bill.
“We received the bill on Saturday and for the length of importance of this bill and how it is going to impact on the banking sector for years to come I thought we would have more time to look at it, more time to discuss it, more time to meet with the public because after all it is the public that is affected by it.”
As it relates to non-performing loans in the private and public sector, he mentioned that it is obvious to him that to tackle the question of non-performing loans, what is needed is to grow the economy which he said has not been growing “for so long.”
Meanwhile Francis conceded that it was a necessary piece of legislation which enables the Eastern Caribbean Central Bank, in view of the recent financial global crisis, to respond accordingly to improve the integrity, the stability, and competitiveness of our commercial banks.
“…And as such several pieces of legislation must be passed in that respect. As you know the banking act was passed in our parliament earlier in the year and other OECS territories likewise because the OECS central bank is harmonizing our laws, improving the legislative framework basically to improve the integrity of our commercial banks. So the Eastern Caribbean Asset Management Corporation is just another piece of legislation in the harmonization process,” he said.
However, his concerns have to do with whether the legislation could be tightened and what he refers to as limited public participation on the matter.
“My concern is like several other pieces of legislation, the public participation is way too limited, because we are servants of the people and we are responsible to inform people of exactly what we are doing in parliament and every piece of legislation should be made available to the public so that they can ventilate, they can share their views.”
He insisted that it was not shared with the public and that the fact parliamentarians are now going to parliament to pass a bill without public participation “is not a good practice”.
Francis said he is not opposed to the upgrading of the banking sector.
“But I have concerns about the whole emergency situation. After all we are in a post Tropical Storm Erika era, we are in an era of national crisis given the fall outs in our economy and other sectors of the country and one would have hopped that when we speak of emergency, one would probably be here this morning to deal with something concerning tropical storm Erika. But that’s not the way it is. It is what it is and as a responsible opposition we will go out there and listen to what the government side has to say and we will respond accordingly.”
He said on the rush issue, he will hear the justification from the government side.
We make it public in Parliament that’s what parliament is there for don’t talk crap. Fontaine need to go back to school and learn economics.
your comment struck my attention. if parliament is public why was the bill only discussed once then took effect? shouldnt it be discussed for a longer period before a decision should be taken on it?
I further have to comment that this is rather unfair and inconsiderate to the working people and those severely affected by tropical storm erica. just recently pm skerrit was asking favor upon countries who we owed. tightening payment schedule is really hard on those who lost jobs and even main providers perhaps. thins are getting worse in d/a and a little out of control and our people are chosing party over country. this is sad
They never understand what’s going on, every dam thing they oppose. Just a set of little boys running around in underwear.
not to be rude angel but you are speaking about parliamentarians who had chances to review the bill unlike me and you. Moreover, i think thats what the taught is in school, opposition is there to oppose. if they said nothing and keep quiet on all issues arising in dominica another will comment that they are not doing their jobs as the OPPOSITION party.lets be more open minded in Dominica please
I like Francis you know because he gives reasons and he is not like the others opposing just for opposing sake. He notes the importance of regularing the sector as he is learned in that things must be done in a harmonious manner. He is objective but he is concerned about the public involvement. That is Joshua Francis. But you Fontaine although I admired you previously when you were the economist statistician but now you only doing like the rest of the others flying bullets here, there and everywhere. No order .. no discipline… no respect… just strife… vainglory… Thompson get back your integrity. All is not lost. It will take some time though. You have to earn the trust again. Remove the hate in your system … go to Jehovah. He alone can remove the bounds that you have placed yourself in. It evens shows on your face. Look in the mirror and you will see what looks back at you. Forgive and let God give you back that shine of before. Jehovah loves us & you.
Mr Francis, you are a reasonable man. However, I would wish for the Alternate Government and the Government to sit and discuss the very importnt matter of taking bills to Parliament without giving the sufficient time for discussion. There should be a time table for public discussion, for Parliamtnetarians to discuss the proposed bills with the public.
so ,if NBD,Royal or whoever is making a loss , theycan then be remote controlled andthus increase my interest rates
Thompson has nerve what about the DASS situation?
Thompson you and Joshua Francis and others are nothing but boys with toys! All you all doing is run to the media and talk, talk . talk and scared to lead or act. Bazil demonstrated he is not a talker but one who is ready to act. You Thompson in particular with your knowledge and expertise will go down in record as part of the parliament that made this foolishness law, whether you voted for it or not. Only two politicians had enough balls to boycott it, Ezekiel Basil and Roosevelt Skerrit. Imagine even Skerrit boycotted his own bill and ran away to Vietnam and you guys turned out to vote on it? STUPES!!!!
This is a brilliant piece of argument on the matter, simply asking to have a break down of the legislature as it addresses the concern that maybe raised from the public. And u know what’s even better. The fact that Joshua Francis(Attorney at law) pointed out the big picture of disaster post Erika, and in my opinion the lack of concentration towards drastic but hastened rehabilitation and improvement to our economic situations. We have failed to realize the troubles we are about to face, when survivors from the petite Savanne area awaken from their haze and go to those very banks.. In an effort to better there situations, this time with no assets. Hmmm… Well well domnique.. ALAS.
Two highly competent and professional guys raising pertinent questions to which answers are critical in moving forward. I wonder why this act was rushed so much.Sure the bunch of clowns on the DLP side of the house, were largely MOO MOO. They are lazy inept, dunce and inincompetent. No wonder we are in such grave economic struggle.
The people of Dominica Needs to Rise against that…. Anything to do with tax payers should be done informativly Y are the people of Dominica accept anything and everything these days.. I called a minister of Govenment some time last week and question him about the Bill , he had no idea what I was talking about or what is going on … He did not even know that parliament had to meet today … OMG save our lil Caribbean people
well done guys….well done
Why don’t you obstructionist take your rightful place in society and work for the betterment and love of your country. Your need to achieve power is unwarranted. Your tormented attitude is sickening to the nation!
When Mr. Lennox Linton became leader of the Opposition, I never thought despite all the names they called him and all the criticism he received from the Skeritt led Administration he would, today, strike fear into their political hearts. It would appear them fellers are more afraid of Lennox then Lucifer, politically. I listened to the debate in Parliament today, Dominicans are accustomed to the loud mouth Labor Parliamentarians, however, during Lennox’s presentation, not a dog backed, no reference to the Labor Parliamentarians. They sat their listening attentively like kinder garden school children. In fact, they wanted him away from the Mic so badly, that they refused to allow him an extra five minutes to complete his presentation. Shame, shame, on the Dominica Labor Party Parliamentarians.
The concerns raised by the two Parliamentarians are all legitimate. Excellent representation by the two. Keep it up, gentlemen.
good doc i listened to your presentation. umm why all the bright intelligent men seem to be on one side and all those dunce little boys scared of of Pm facilitated by and old speaker seem to be on the other side ?