And while we spoke to the PM outside the House - inside, first term PUP Representative Kareem Musa spoke on the adjournment about the crisis in the banking sector with correspondent banks. Musa represents Caribbean Shores, where many of the captains of commerce and industry reside - and for those folks, a functioning banking apparatus with ready availability of foreign exchange is critical to their businesses. Musa characterized the situation as urgent:...
Hon. Kareem Musa, Area Representative, Caribbean Shores
"And I am speaking in particular about the loss of correspondent banking relations. Mr. Speaker it's no doubt an issue that affects business men and business women not only from my constituency of Caribbean Shores, but from all our constituencies. It is in fact a very crippling effect it has had on our economy, debilitating to the point where it is no longer possible to do business and I am speaking in particular the purchase of goods from the United States and elsewhere and I am speaking about the use of credit cards. I am speaking about remittances that come home to our Belizean families from abroad. That is the effect that it has had on our economy."
Hon. Dean Barrow, Prime Minister
"You know he started off by saying you can't do business, you can't import, and then just before the end he says if this continues we will not be able to do business. But he had already said that business had stopped. In other words Mr. Speaker right at the start of his speech he exaggerated. Not to put too fine a point on it, but he lied. I wonder where you got that trait from…that 'liadness.' I am going to Washington leaving this weekend notwithstanding that 450 plus flights have been cancelled because of the winter storm that is looking to dump 2 feet of snow on Washington DC - I am going to Washington leading a team comprise of the governor of Central Bank, the financial secretary, ambassador Mark Espat and of course we will be joined in Washington by our ambassador to the US Ambassador Andrews precisely to make calls on all the key officials with respect to this issue. We have confirm meetings already with the head of the FDIC (Federal Deposit Insurance Corporation) because that is the agency that regulates the state banks including a bank called Whitney Bank out of Louisiana, use to be in Belize some time ago, which in interested in pursuing corresponding banking relationships with our banks and I also have confirmed a meeting with the head of the office of the controller of currency. That is the regulator for the small community banks such as the one that is now looking after credit cards settlements for Belize Bank and Heritage and Choice Bank. So again, member for Caribbean Shores when you that that there is a problem with credit cards - there is no problem with credit cards. There may be in the future if that small bank in New York that's doing the settlements currently decides to pull out and there are fears that that might happen, but that is why I am going to Washington."
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