Beautiful Virgin Islands

Wednesday, Jul 16, 2025

‘Sheep to the slaughter!’ Fraser slams local banks for mistreatment

‘Sheep to the slaughter!’ Fraser slams local banks for mistreatment

Opposition Leader Julian Fraser has suggested that despite the alleged mistreatment being meted out to their customers, residents are stuck with local banks.
Fraser argued in the House of Assembly (HOA) that complaints are being made that banks are not responding to the needs of the people, yet lawmakers are discussing legislation that would ensure that certain banks are made ’too big to fail’.

“We need to have a conscience, and that conscience is to serve the people of this territory,” Fraser stated.

According to the Third District Representative, when banks are foreclosing on people’s properties, refusing to finance projects, and to give debt relief to residents in favour of foreclosure, the government has a responsibility to step in.

Fraser also protested that legislation is coming to the House to be passed for multiple readings without proper assessment by lawmakers.

“We’ll do it because we understand. We understand that our economy is tied to the business of financial services. We understand that and there are times when these things have to be done,” he said. “But we can no longer continue to turn a blind eye on our banks. No. Our people are like sheep being led to the slaughter when it comes to banks. They have no choice, absolutely no choice.”

Fraser said big banks have already left the jurisdiction because of de-risking. “You can’t find a Scotiabank you can’t find a Barclays bank, they pulled out, we’re too small. And in came the other banks that are here, and they’re squeezing us, squeezing our people. We don’t have a choice. What else are you going to do?” he asked.

“You can’t keep your money in the mattress for too long. It doesn’t grow interest, and your neighbour might steal it,” Fraser argued.

He insisted that there is a wrong that is going on with the banks and said legislators need to be reminded they need to step in and right that wrong. “This financial services has a responsibility to regulate those banks, and whatever is not right, it’s their duty to fix,” he said.

Banks lying to residents

Fraser also accused the local banks of lying to their clients and not fulfilling promises that they made to them.

“You’re sitting before the officer, and he’s telling you something or she’s telling you something, it sounds good – ‘that’s exactly why I came here, I got what I wanted’ – you leave the bank, and they squeeze you, who do you go to?“ Fraser asked.

The legislator said this is the reason the Financial Services Commission (FSC) is in place, and argued that if they fail, then it is the duty of the Minister of Finance to address the problem.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
×