BANKER’S BAD ADVICE

Central Bank Governor John Rolle

During the past week, the press in The Bahamas reported two pieces of advice from bankers and one piece of advice from a tax collector of the Government.  The three pieces of advice were broadly condemned by Fred Mitchell, the Chairman of the PLP.  Mr. Mitchell in a voice note to PLPs on Friday 2 August 2024 said that the advice of the Governor of the Central Bank not to be concerned about digitization of the banking sector following the collapse of the internet platforms two weeks ago as a result of a defective Microsoft software, was a fool’s errand.  Mr. Mitchell said that no one wants to stop progress but there should be choice.  If one wanted to write a cheque, you should be able to do so. If you want to pay by cash, you should be able to do so. If you wanted to use a card then you should be able to do so.  With regard to the suggestion that the Homeowners Protection Act was a disincentive to the banker’s mortgage market, Mr. Mitchell said that he made a personal mistake when he was younger borrowing money from a bank which turned out to be slavery in old age. He advised younger people not to do so. With regard to the tax man who said that he was surprised that Bahamian businesses don’t have accountants, Mr. Mitchell said you don’t need an accountant, if it’s your business and you are doing fine.  Accountants are only necessary now because the law imposes that requirement on you.  But plenty of people are upset with the Government for requiring it.