Beautiful Virgin Islands

Friday, Nov 01, 2024

If banks can’t do business our way 'pack up & leave’- Vernon Vanterpool

If banks can’t do business our way 'pack up & leave’- Vernon Vanterpool

With calls by residents to reform the banking system in the [British] Virgin Islands (VI), residents of Virgin Gorda have indicated that the situation needs to be drastically improved, given the economic activity on the island.

Candidates contesting for the Ninth District seat in the upcoming elections were asked about their plans to tackle the situation during the ‘Great Debate’ on Virgin Gorda on April 14, 2023.

Candidates contesting for the Ninth District seat in the upcoming elections were asked about their plans to tackle the banking situation during the ‘Great Debate’ on Virgin Gorda on April 14, 2023.



VIP Gov’t brought Banco Popular to VG- Hon Vincent O. Wheatley

Virgin Islands Party (VIP) Candidate Honourable Vincent O. Wheatley (R9) explained that when he first got into office there was no banking on Virgin Gorda and he was part of negotiations to introduce Banco Popular into the community.

He said he has since spoken to the bank about the possibility of increasing the number of working days, adding that those discussions are still ongoing.

“When we repaired the Flax and Vanterpool Buildings one of the things I said we needed to have was the National Bank here on Virgin Gorda, an ATM and also a bank presence. That is still being discussed. I cannot say exactly when this will happen… The banks are private institutions, we can’t necessarily force them but we need to get around a table with these banks and explain and express the importance of banking to the business community.

“Up to now still, we can’t do a wire from Virgin Gorda. If you want to do a wire with Banco Popular you have to go to Tortola…I think in this day and age that’s an insult to the development of Virgin Gorda,” Hon Wheatley said.

He noted that there is also a need to educate the public on going cashless, as he posited that it is the way to go in such a remote community where the ATMs malfunction frequently and services are limited.

‘If you can’t do business our way…pack up & leave’- Vernon Vanterpool

Independent Candidate Vernon Vanterpool said he would negotiate with the institutions; however, if they are not in agreement with government’s terms then their licences should not be renewed.

“We as a people, we like to tow the line. These banks, when they come here, we need to have legislation to control them, not them control us. If you can’t do business our way, you need to pack up and leave,” he said.

BVI Banking Association needs to get involved- Hon Flax-Charles

Meanwhile, Progressive Virgin Islands Movement (PVIM) Candidate Shereen D. Flax- Charles (AL) shared her belief that the BVI Banking Association needs to be engaged regarding these issues.

“That is one of the things that we will be focusing on…There are international guidelines that govern banks, but we must also remember to include the local people in anything that we do. The ATMs go down on a regular, there is a company here on Virgin Gorda that is willing to get the training,” she said, noting that she has reached out to the banks in this regard.

“The attitude of some of the banks is that it’s not a full- time job,” Hon Flax- Charles said as she made the call for a move towards more online banking and credit card machines.

MoU should be put in place- Coy W. Levons

National Democratic Party (NDP) Candidate Coy W. Levons proposed that a Memorandum of Understanding (MoU) should be put in place.

“I think this is a issue of scalability. You have to understand it from the bank perspective. You have a population of about 6000 people but you have various banking institutions that people are a part of… we need to look at a strategy that will work. We need to work the problem backward…we need to find out from the bank what is the issue,” he said.

While he agreed with the proposed move to go cashless, he noted that government must also commit to this, since there is the need to support both cash and card systems.

Banco Popular is the lone banking facility on Virgin Gorda and was brought to the sister island by the Virgin Islands Party (VIP) Administration in 2019.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Siemens Acquires Altair Engineering in $10.6 Billion Deal
The man who got hit by a bus and immediately went back to the pub is strong! Beer is very important.
Donald Trump files $10 billion lawsuit against CBS News, accusing them of 'deceptively doctoring' Kamala Harris' '60 Minutes' interview
Formal Address for Meghan Markle at Invictus Games
Understanding the US Electoral College System
Apple Launches AI Features on Select iPhones
JP Morgan Sued Customers Over Viral Cheque Fraud Scheme
King Charles to Continue Global Tours Despite Cancer Diagnosis
Venice Extends Tourist Entry Fee Program to 2025
Tommy Robinson Charged Under Terrorism Act for Phone Offence
Plans to Increase Employers' National Insurance Announced
Washington Post Editor-at-Large Robert Kagan has RESIGNED after owner Jeff Bezos BARRED the endorsement of Kamala Harris.
Massive Theft of Artisan Cheddar from Neal’s Yard Dairy
US Man Charged with Murder of Co-Worker over Breaks
Carbon Monoxide Incident Claims Lives at UK Care Home
Birmingham Airport Evacuated Due to Suspicious Vehicle
Former US President Barack Obama raps the lyrics to Eminem's ‘Lose Yourself’ after the rapper introduces him at a Kamala Harris rally in Detroit
KYIV URGES NORTH KOREAN TROOPS IN UKRAINE TO SURRENDER
Ofcom Identifies Link Between Social Media Posts and UK Unrest
Russian Boxer Receives Lifetime Ban for Illegal Move in Boxing Debut
Biden Labels Trump a Threat to Democracy
McDonald's Linked to E. coli Outbreak Leading to One Death
Teacher Enoch Burke arrested at Wilson’s Hospital School in Ireland after refusing to endorse and affirm transgender ideology.
FBI Investigates Leak of US Intelligence on Israeli Strike Plans
Israeli Airstrike Targets Hezbollah's Financial Resources
China’s Baidu is revolutionizing transportation with its robotaxi service
Angela Rayner Secures Permanent Seat on UK National Security Council
Russian Ambassador Claims UK's Proxy War in Ukraine
Doctor Advocates for Assisted Dying Law Reform
Ruth Davis Appointed as UK’s First Nature Envoy
Pressure Mounts on Starmer to Discuss Reparations at Commonwealth Summit
James Cleverly’s Costly In-Flight Catering for Government Trips
AI Regulation Takes Center Stage in 2024 US Presidential Campaign
NASA Study Explores Potential Microbial Life Beneath Mars' Ice
Cats: The Liquid-Like Pets
Netanyahu Condemns Alleged Hezbollah Assassination Attempt
Liam Payne's Tragic Death: Tributes Pour In
Cuba's Power Struggles: Nationwide Blackout Strikes Again
Xi Jinping Urges Troops to Prepare for Conflict Amid Taiwan Drills
Farage Supported by US PR Team Linked to Steve Bannon
Controversy Over MP's Comments on Female Candidate's Family Responsibilities
Highlights from the Conservative Leadership Contest TV Debate
Childminder Jailed for Inciting Racial Hatred After Southport Attack
NHS England's Repair Bill Soars to Almost £14 Billion
Russia Accused of Using Incendiary Devices to Disrupt Western Confidence
Culture Wars: 'A Dog Whistle to Attack the Right', Says Badenoch
Virtual Reality and Advanced Technologies in Combating Cocaine Addiction
Chancellor Rachel Reeves Assembles Taskforce to Safeguard Financial Stability Amid Increased Borrowing Plans
RAF Typhoon Intercepts Air India Flight After Bomb Threat
Hamas Chief Yahya Sinwar Killed in Israeli Operation
×