GOB to go ahead with Vesting Act for FCIB

Monday, September 14, 2015.  Aaron Humes Reporting: The Christian Workers’ Union (CWU) is to blame for the delay in compensating terminated employees of First Caribbean International Bank, Prime Minister Dean Barrow said today, accusing the leadership of the Union of being “dense and dishonest” by suggesting that the rush to pass the Vesting Act was cover to cheat employees of their packages.FCIB

The Act, according to the Minister of Finance, is a regular feature of transfers of assets between bank operations, such as Belize Bank and Royal Bank of Canada, the Belize branch of Scotia Bank and even the original Barclays Bank to First Caribbean.

It is to ensure, he said, that the bank’s assets and securities, including deposits, are safely conveyed to the purchasing party.

The Act’s passage in the National Assembly is not the end of the tale; as Minister of Finance, only the Prime Minister can put that Act into force, and then only when certain actions are completed.

Meanwhile, negotiations continue on the Collective Bargaining Agreement and those, P.M. Barrow said, may well conclude before the sale to Heritage Bank is completed.

Later the Prime Minister said he could not intervene in the so-called “sick out” organized by workers which meant that Government employees have yet to be paid through their FCIB accounts in Belmopan.

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