SVBLA Shareholders’ meeting is non-partisan – Vanloo and Bacchus

Two of the organizers of an upcoming meeting of shareholders of the St Vincent Building and Loan Association (SVBLA), have emphasized that their motives in calling the meeting are non-partisan.{{more}}

Cools Vanloo and Junior Bacchus, who were panelists on a call in programme on Hitz FM on Sunday, said that their efforts are in the best interest of the organization.

Vanloo, a retired public servant and president of the Public Service Union, said in his 35 years of attending meetings of the SVBLA, there were never any partisan groups involved.

“We dealt with the business of the organization and I have never heard anybody from the floor mention anything political about the Board,” Vanloo said.

He also stressed that although there may have been board members from across the political spectrum, a certain protocol was maintained, where the best interest of the organization was pursued, regardless of one’s political views.

Bacchus, a community activist, stressed that there is absolutely no politics when it comes to dealing with the SVBLA.

“People will have their perception of us politically,” he said. “We have been working together to get things done.”

Vanloo, Bacchus and Jeannie Ollivierre, a retired civil servant and former general secretary of the New Democratic Party, announced the meeting at a press briefing on February 13. They said that all shareholders and depositers should attend the meeting to vent their issues concerning the organisation and to decide on the way forward.

The meeting, which will take place on Thursday, will be held at the Methodist Church Hall beginning at 5 p.m.

The Building and Loan Association has been in the news for one month now, since the publication of a letter, on January 18, written by economist Luke Browne, which questioned whether the institution was on the “brink of collapse”.

The letter caused a run on the institution, and on February 1, regulators of local non bank financial institutions, the Financial Services Authority (FSA), took over management and control of the Association and its subsidiaries.

The FSA, in a release last week, said “it welcomes any action on the part of Shareholders, Members and the public geared towards helping us to help the Association.”

Bacchus, on Sunday, said Thursday’s meeting can be considered as the constructive action mentioned by the Financial Services Authority (FSA) on behalf of shareholders, members and public in an effort to restore the organization.

In an outline of the proceedings, Bacchus said that he expects persons who are interested in the future of the SVBLA to attend.

“At the entrance…persons are asked to walk with documents to verify they are shareholders, depositors…” Bacchus said.

He said that this verification may be done through the use of a certificate or most recent payment slip.

Bacchus, who will also be chairperson of the meeting, said there will be an adoption of standing orders and stressed the importance of them being in place.

“If we do not adopt standing orders, people may feel they can talk out six times on an issue, say what they feel, at any time,” he said.

He also said that discussions on the way forward will also take place and that they will be managed with the use of the established standing orders.

“The objective of the meeting is to give confidence,” Bacchus said. “Let’s put our monies in rather than take our monies out”.

Bacchus said that they are hoping to present a resolution that will help to guide and strengthen the mechanisms in terms of work with the FSA.

Bacchus also said members and shareholders will be asked to make a contribution towards the rental of the room in which the meeting will be held.(BK)