Members should see gradual easing of access to accounts

The approval, by members, of a plan to recapitalize the St Vincent Building and Loan Association (SVBLA), should result in a gradual easing of access to accounts and more normal transaction actitivy within the Association.{{more}}

Executive director of the Financial Services Authority (FSA) Sharda Bollers, speaking at a press conference after the 71st Annual General Meeting of the SVBLA on August 29, told journalists that the approval of the eight-section plan gives the Association “the opportunity to begin the process of looking at how best to build capital and increase liquidity and begin to ease access to accounts.”

Bollers said in the seven-month period since the FSA intervened in the SVBLA on February 1, operating losses have been reduced by more than half of the last year’s losses. Additionally, the number of non-performing loans has been reduced and they have recovered more “problem assets” in the last seven months, than has been recovered in the past several years combined.

Last week’s AGM also saw Camille Crichton, Joseph Ince, Jeremy Jackson, Fidel Neverson and Allison Thomas being elected to the board of directors. The FSA also announced that a new CEO, Richard Branch, will assume office on September 9, 2013.

The FSA executive director also said that come September 30, interest accrued on accounts as at June 30, 2013 will be paid and the scholarship programme for secondary school students will resume.