Fellow Anguillans. Thank you for this opportunity to address you once again. By now you would realize that as long as this deafening silence in respect to the banking crisis persists, and uncertainty exists, we will not be quiet. The Chief Minister and Minister of Finance addressed the people of Anguilla today, July 17, 2015, on the issue of the indigenous banks. We are extremely disappointed with the emptiness of the lecture. His foray into Banking 101 has only served to heighten our level of fear and anxiety as to the resolution of the banking crisis. As the “fixer”, the Minister of Finance completely ignored the guarantees he must make to the people of Anguilla. What is more alarming is that the Minister of Finance, who is the Chief Minister, is suggesting that the people of Anguilla are not entitled to be engaged in any discussion regarding the solutions offered, but must be prepared to “grit our teeth and weather this challenge”. In other words, we must accept whatever decision he and his personal advisors agree on (some of whom were directly involved in creating the banking crisis), in the absence of sharing the banking report and the forensic audit study. Mr. Banks insulted our intelligence by implying that the reports are confidential and would expose personal information, when he knows that the people are solely interested in knowing what (or who) caused the crisis in the first place, and that these practices must never be repeated. Full disclosure is the only way to get the people’s trust and full support.
The Minister of Finance made two correct statements: 1) that time is running out and 2) that the people have been extremely patient. He did state that a resolution is forthcoming, but when? What is the timeline, and what are the hardships in store for the people of Anguilla. How can the people enjoy the festivities of Carnival and Boat Racing when they are concerned about the future of their finances?
– When they have not been guaranteed that their deposits are safe and will be protected.
-When they have not been guaranteed that there will be no new or increased taxes, because broadening the tax base whether by introduction of income tax, sales tax, value-added tax or land tax, will strip low and middle-income workers of any residual income they may now have for discretionary use. The purchasing power of our consumers would be lessened considerably.
-When the Civil Service staff have not been assured that their jobs are secure. Any increases in existing taxes and reduction in the Civil Service cannot be entertained as best measures to staging an economic recovery.
-When we have not been guaranteed that the Social Security Fund will not be used to bail out the banks. To tamper with the Social Security Fund would be mischievous; utter wickedness. Our senior citizens, retirees, the unemployed, sick and disabled would be dealt a severe blow. Even now, health care costs are exorbitant and unaffordable, which coupled with the loss of Social Security benefits, would be catastrophic.
Mr. Banks did not guarantee that there would be a referendum on any decision to pull Anguilla away from the Eastern Caribbean Currency Union. This would lead to isolation within the region, and could leave Anguilla to stand alone, powerless, in the face of economic stress. A decision of such magnitude definitely demands the full participation of all loyal citizens of Anguilla, and should not be the decision of any one man/woman, or any seven men/women.
We continue to appeal to our social partners/civil society – youth groups, women’s organizations, The Anguilla Chamber of Commerce and Industry, The Anguilla Bar Association, Labor Unions and church groups to let all their voices be heard on these significant challenges of such vital importance for the future of Anguilla. We are bereaved by the silence of The Anguilla Christian Council and The Evangelical Association, which were very vocal on the banking issues prior to the general election. The church should never put itself in a position to be accused of vacating its post, abandoning the flock or have quit the struggle.
Again, we call on the Chief Minister, and Minister of Finance, to have open and direct dialogue with the people of Anguilla, avail us with the banking and forensic reports, and allow there to be a resolution of the banking crisis which all Anguillians can live with.
Thank you for your attention and support.
God Bless You and May God continue to Bless Anguilla.
(Published without editing by The Anguillian newspaper.)
