Government Senator Expresses Concern for Foreign Currency Reserve in Scotiabank’s Sale

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Tuesday 18th December, 2018-Government Senator Phillip Shoul has expressed concerns over the effect the sale of Scotiabank’s branches in the sub-region will have on the foreign currency reserve.

Debating the Banking Amendment Bill 2018 in the Upper House of Parliament today, Senator Shoul criticized the sale to Republic Financial Holdings Ltd. Concerns about the Trinidad based entity gaining control of the ECCU’s foreign currency reserve were raised by Prime Minister Gaston Browne, though he did not go into detail.

But Senator Shoul did not hesitate to make known what he thinks Republic Financial Holdings Ltd. Intentions were.

Shoul told the Upper House there are legitimate concerns regarding a Republic takeover, referencing CLICO’s collapse several years ago.

Government Senator, Phillip Shoul.

He commended the prime minister for having the vision to defend the position of Antigua and Barbuda in the sale of the Bank of Nova Scotia’s Antigua branch.

Senator Shoul defended Prime Minister Browne’s involvement, stating it is a national issue that required the head of government’s intervention.

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