The Summer Festival ended without serious incident or accident and I am certain that the entire community is both relieved and thankful. It is a terrible reality that in Anguilla, nowadays, many shudder at the sound of the ambulance – and still others automatically check on their “loved ones” when they hear any sound at night louder than a firecracker. We seem to be subconsciously expecting the next episode of senseless violence at any time. According to “Soljah” in his winning presentation at the Leeward Islands Calypso Monarch Competition here last Saturday: “How did we come to this!”
We must thank the Almighty for His protection during this very anxious period, and for continuing to watch over those youngsters still in recovery stages after the recent heinous act of violence last month in Blowing Point. And I reiterate the call of the Civil Society Group to “Give Peace A Chance!” The Royal Anguilla Police Force, and the other private security agencies, must also be commended for their contribution to making the entire week of merriment and amusement a safe one.
I would be most dishonest if I did not admit to being relieved (in fact pleased) that this year there were no calypsos in any of the competitions critical of me or of any members of the AUF. In fact, on this occasion the Chief Minister and his entire Government got a “bollocking” from several of the artistes. From my usual vantage point, west of the broadcast booths at the back of the seated area, I was able to listen attentively to all the renditions — some fair; some unfair; some humorous; some downright vicious; some entertaining; and still others dull and distasteful.
I noticed that the only member of the House of Assembly on the Government side present to witness the pillory, that night at Landsome Bowl, was the elected Member from East End, the Hon. Jerome Roberts —- but I was pleased to see Her Excellency the Governor, Ms. Christina Scott, in attendance as well. Mr. Roberts must have been extremely uncomfortable seated amidst a cheering crowd in the arena. I have been there and done that. However, I was harshly corrected by one of the seasoned spectators when I suggested that the Government was now getting a dose of my experience. She (the spectator) said: “Boy! No Sir! I never see a Government get so much licks in a Calypso Show yet!” The attacks were relentless: “What a mistake we make!”; “I want back me vote!”; “Hidden Secrets”; “I couldn’t write”; “You fool we!”; “Dash 8”; just to name a few. Can it be that the strategy of the “blame game”, and the “conspiracy theories”, is losing traction?
Were the number of calypso attacks on the Government a factor of its obvious disinterest in supporting the Summer Festival this year? Not a single member of Government was present at the opening of the Village. In fact, the only members of the House present were the Leader of the Opposition and his colleague the Hon. Othlyn Vanterpool. Again, Her Excellency the Governor was most present and, in her remarks, spoke to the significant contribution of Carnival to the overall economy. This is a notion that the locally elected Government has not yet seemed to grasp.
Her Excellency also graced the South Valley Community with her presence at the opening of their Third Annual South Valley Community Street Fair. Once again this was a wonderful event with participation at such a high level that the residents undertook a number of civil works projects as well to brighten up the village. And at a time when people are facing financial challenges, the villagers and others were able to generate some revenue through sales from their booths and stalls. The success of these events across the island, in recent times, has enhanced pride in the villages but has also united the communities; highlighted the unique aspects of their culture; and created business opportunities. Of course it all began with Festival Del Mar, the brainchild of Fitzroy “Briggie” Tomlinson the deposed Festivals Officer. Briggie, along with past Carnival Chairman John Benjamin, brought many creative improvements to the Summer Festival celebrations. Unfortunately, Briggie became another “political football” of the incoming AUM Government – yet another example of the numerous stumbles and blunders which have characterized its record for the past three and a half years.
Let me congratulate all the winners in the Summer Festival events from boat racing; to Beauty Pageants; to Band Clashes; to Road March Champions; to Test Tunes; to Parade of Troupes; to Calypso Monarchs; to Swimsuit Competitions; and others for making this year a spectacular one despite the budgetary constraints. There will always be room for improvement — but we should never try “to reinvent the wheel”. Yet there is an obvious need to reexamine the entire organization with a view to restructuring the relationship between Government and the Carnival Commitee, going forward, so as to make it more accountable and effective.
But the lingering memories of the 2013 Summer Festival were dampened on Monday August 12, 2013, the day after the close of the season, by news of the “takeover” of the indigenous banks in Anguilla. Many persons may have been in denial of the challenges facing these banks given the pride associated with them over the years. The truth of the matter is that time has been running out and, given the economic situation in Anguilla, things have not been getting any better. There has been need for intervention of some form for some time now. In fact, several of the Directors of both banks have been crying for some injection of capital and funding. Many have suggested that the British Government, through the ECCB, provide some form of “bailout” to the indigenous banks. Such representations have been made to me in a past life but still even now as the Leader of the AUF Party.
There is therefore no question that the indigenous banks need help. Certainly it would be nice “to have one’s cake and eat it too”. I say this in the context that there is the feeling in some quarters that such a “bailout” could be granted without any oversight or control. Unfortunately, any “bailout” will come with strings attached — perhaps even a “noose”. In the circumstances of the present intervention by the ECCB, the terms of that engagement were established from the time of our accession to the 1983 Agreement, and the subsequent Amendments thereto. Were we even to obtain a “bailout” from another agency that too may have been subject to the blessings of the ECCB.
There is no gainsaying that the process of intervention, when triggered by breaches of a particular nature, will be swift, surgical and imperious. But in cases where there is the feeling, by the affected institution, that such action is unjustifiable — it has recourse to the Courts as is being indicated in the press statement from CCB. Unapprised of the facts, as I am, I would not venture to determine the validity of the arguments put forward by CCB. A provision within the Agreement sets out that process clearly. I would therefore cautiously assume that the Chief Minister was sufficiently convinced that there was clear evidence to justify his decision to approve the action taken by ECCB.
Given all of the foregoing, I am of the view that in this process the interests of the customers; shareholders and stakeholders are being adequately protected. Banking services will continue as usual and the ECCB has the assistance of creditable regional and international institutions and Governments to provide effective support for its rebuilding and restoration strategy. This will demonstrate to investors, and the outside world, that we have the facilities to manage the challenges to our financial system even in this global crisis. And the CCB will have the opportunity to pursue its case if it maintains its exception to the “takeover” in the days ahead.
While there is no cause for alarm in the banking sector – given these actions – it is important that the Government of Anguilla turns its urgent attention to improving the economic situation on the island. This economy has been languishing for a long time and is critical to the long-term viability of the banks to improve that situation. It is a very simply equation. A bank becomes profitable and viable based primarily on the spread between the interest on savings deposits and the interest on performing loans. Such a ratio improves with growth in the economy. When the economy does not grow or contracts, that ratio decreases. Low savings deposits + high non-performing loans = low profitability. This needs to be fixed urgently!
If the situation of the economy continues to be a source of frustration to Anguillians as they continue to loose: jobs; business opportunities; property; other assets; and loved ones — this entire exercise will be to no avail. Indeed, if it proceeds as it has over the last three and a half years — this Government would be well advised to take the advice of Daddy Latest in his Summer Festival chant and “Move over! Or get run over!” by an impatient and angry electorate in 2015.
