RCI St. Lucia
posted on June 10, 2014 08:59
The Banking Sector in St Lucia has come under heavy criticism from a Former Government Minister for what he says is its failure to stem the economic downturn in a meaningful way.
According to the former Health Minister who lived in Canada for some time, while many sectors are being asked to make sacrifices that will help to stabilize the economic situation, banks have done little to assist the cause.
Mr Mondesir claims that the parent companies of some of the international financial institutions operating here, have significantly lowered rates on loan facilities, for example, to their overseas markets. However he says the same provisions are not applied locally.
He concludes that the banks are not making any significant sacrifice that will affect their profit margins, because they are not being asked to do so by the policy makers.
Meanwhile, the former Minister for National Security has been speaking to plans for the future as the constituency representative for the Anse La Raye Canaries constituency on a United Workers Party ticket.
Dr Mondesir says despite efforts aimed at removing him as the candidate by his own party, his record speaks for itself. He says that decision is left to the people of that constituency.
Asked his opinion on who would be the best choice for leader of the United Workers Party, going into a general election, Dr Mondesir noted that both UWP Leader Allen Chastanet and Former Prime Minister Stephenson King, that decision should be left to the people.