RBTT needs to address concerns – Eustace

The imposition of a $25 service fee at the RBTT Bank Caribbean Ltd, which has outraged some Vincentians, has been described by Opposition Leader Arnhim Eustace as a reflection of what is going on in our economy.

“Even this bank issue you see happening…at RBTT. I’m very concerned about that…that is a manifestation of fundamental weakness in our banking system, because banks are not making money,” said Eustace,{{more}} who was a guest on the AM Mayhem programme on Hot 97 yesterday.

He said that his information is that the bank’s loan to deposit ratio was below 40 per cent.

“In other words, we are not lending out as much as we should be lending out to business and individuals. Our loans are very small in terms of numbers.”

The Leader of the Opposition additionally noted that since the banks can’t get money, they have to look for ways to keep their income levels up.

“That is why you have these kinds of fees as you see happening here now.”

Moreover the Opposition Leader, who is by training an economist, noted that persons must not act hastily and withdraw their money from the bank. He said that when starting new accounts, especially for persons who have co-signatories who are abroad, the cost would be much greater than the $25 fee.

“These things need to be explained in much greater detail to the public and not any foolish talk about going and picketing the bank,” he added.

Last week scores of Vincentians flocked to the RBTT Bank Caribbean to withdraw money from their accounts, after it had been published that a monthly $25 service fee would be placed on personal savings accounts. (CM)