Monday, March 7, 2011

Bank of Saint Lucia AGM is New Bankers Association President

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1 comment:

Anonymous said...

May I suggest that this Association seriously address the nagging problem of dooming interest rates on MORTGAGES in particular, and consumer, business and entrepreneurial[small business, start-up] loans in particular.

The persistent unchanging position of interest rates, regardless of the cyclical changes in the economy over all those years banks have been in operation has been responsible for the underdevelopment of the small to medium sized businesses in St. Lucia. These unchanging interest rates regardless of the condition of the economy, has contributed to the lack of any expansion in business, less income and disposable income in particular, less licit money circulating, and hence less savings, more unemployment, giving rise to more crime and violence.

These financial institutions must remove the ultra greed upon which their businesses evolve and have the people's interest and the country's interest at heart. There are many millions still to make. Lavish lifestyles still to have by senior executives, even if, like the United States and the United Kingdom, they charge less than those EXHORBITANT interest rates.What can well be defined as usury rates. Meaning to say, abnormal and in a sense illegal rates. Twenty-one percent interest rate on a car, which is not a luxury today, for a family is outrageous.

March 7, 2011 at 4:18 PM

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