Beautiful Virgin Islands

Saturday, Jul 05, 2025

BVI banks need to take more risks to encourage investment locally

BVI banks need to take more risks to encourage investment locally

Opposition legislator and businessman Mark Vanterpool has questioned the presence of locally-based banks who he criticised for being averse to taking financial risks in the BVI.

“As a territory and as a country, we must understand how they’re going to operate, why they’re operating in that way, and do they really serve a purpose in our territory?” Vanterpool said in the House of Assembly on Thursday.

During the sitting, legislators debated the Virgin Islands Investment Act, 2020 which was introduced to modernise the way business is done in the BVI and to make the territory more competitive, secure, and more attractive for business and investment.

But Vanterpool was adamant about emphasising the crucial role of banks play with regards to investment in the BVI. He insisted that they ought to be for facilitating since all investors need a source of funds.

“If you’re not addressing the banks’ purpose in the Virgin Islands, then the investment climate – even for foreigners – is not the right climate,” he asserted.

Bad-debt ratio


Vanterpool — who said he has good personal relationships with all his banks — shared a conversation he had with a banker about why the BVI was not taking more risks and lending more into the local economy. The banker reportedly said the BVI has one of the lowest bad-debt ratios in the world, particularly with his financial institution.

But the legislator argued that while banks can measure and minimise their risks, they have to take risks nevertheless.

“If our banks are not prepared to take risks, to lend to our people, [then] why are they here?” Vanterpool questioned. “Banking involves risks, any investment involves risks.”

He also decried the changing relationship that banks have developed with their customers over the years. He said: “Our banks have become aloft, and the customer is just a number – no longer personal banking.”

Vanterpool insisted that a proper approach needed to be found to encourage banking that would help the territory’s investment climate so that locals would be able to invest.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
×