February 8, 2013
‘Government has no access to funds of Building and Loan’ – FSA

The government of St Vincent and the Grenadines has no access to funds of the St Vincent Building and Loan Association.{{more}}

This assurance was given on Wednesday, in a release from the Financial Services Authority (FSA).

“As the FSA is an independent statutory body,… the Central Government has no access to funds of the Association to finance its operations or for any other purpose. On the contrary, the Central Government may be a valuable source of financial resources to the Association if needed,” the release said.

The FSA reiterated its appeal for calm and reasoned judgement, and emphasized that reacting in panic by withdrawing money and closing accounts was not helping the instituion.

“On the contrary, the Association would be considerably weakened if funds were hastily withdrawn. It is in everyone’s interests to strengthen the Association and safeguard its future,” the release said.