Former general Manager of the Nevis operation of the St Kitts Nevis Anguilla National Bank, Andy Liburd has issued a strong appeal for more responsible action as the federation faces the impact of the global financial crisis. Liburd noted that responsible action by all stakeholders is critically important as St Kitts and Nevis experiences the inevitable consequences of the financial crisis currently gripping the global economy.
In an interview with this reporter, Liburd said that the reality facing the twin island federation is that they will not be spared the effects of the crisis. He added that it is essential that all stakeholders work together to withstand the current external-related shocks.
Commenting on the recent developments in the financial sector within the region, Liburd who is the Managing Director of Nevis Multi Line Services (NEMUS), pointed out "with serious concern" the developments in the Clico and Stanford Group of Companies.
He commended the relevant authorities for moving very quickly and swiftly in addressing several concerns and queries that Government had noting that the effects of these statements has untold impact that they might have for financial institutions in St Kitts and Nevis.
As a former banker and now a businessman I must say that I am pleased thus far by the relevant stakeholders including Government's approach and reaction as they seek to protect the interest of policyholders in Clico (St Kitts and Nevis).
The NEMUS MD said that the respective island governments (Nevis and St Kitts) should be commended for the significant assurances that have been given thus far and also for the several steps that will be taken to protect the pensions of those who saved and invested in institutions affected by the recent events.
Liburd also warmed what he said can be "reckless and irresponsible" statements made by the media and those holding influential positions within society. He issued a passionate appeal especially to those within the media to be careful in making pronouncements and comments regarding the strength of the federation's financial system noting that it can have either positive or negative impact.
"Too many times we see the media making statements that are baseless, inaccurate and have a significantly high sensationalized tone. however, like these financial institutions the media has an important role to play in ensuring that their comments are factual as the public on many occasions base their decisions on what the media says," he stressed.
The Former top SKNANB official warned those within society to be very careful about making and propagating what can be described as "false, inaccurate and irresponsible" comments on the status and strength of the federation's financial system.
According to Liburd, the current developments are known by all objective persons to be the direct result of global and regional events and throughout the Caribbean, Finance Ministries, Central Banks and other financial sector regulators are all grappling with the situation caused by CLICO and Stanford.
He went on to note that in Trinidad and The Bahamas, intervention and court action in relation to CLICO have become necessary while in Antigua, government intervention in the Stanford Group has also been needed.
Further, Liburd said that he welcomes the significant assurances given on the strength of St Kits and Nevis's financial system by the Hon. Prime Minister and Minister of Finance, Dr Denzil Douglas and reaffirmed the call of all Kittitians and Nevisians to immediately come together so as to ensure that they protect and safeguard this strength.
