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GOVERNMENT MOVES TO PRIVATISE EXIMBANK

posted 9 Aug 2012, 05:10 by Gerry Kangalee   [ updated 9 Aug 2012, 05:14 ]
Information coming out from the Banking Insurance and General Workers Union (BIGWU) and from the Ministry of Finance indicate that in addition to the merged TTMF/Home Mortgage Bank and First Citizens Bank, the government also intends to privatise The Export Import Bank of Trinidad and Tobago Limited (EXIMBANK). The workers of EXIMBANK are members of BIGWU as are those of TTMF and First Citizens. 

The Ministry of Finance has developed a programme of divestment for these financial entities and is seeking a meeting with BIGWU which is vehemently opposed to the privatisation programme.

EXIMBANK, a wholly owned state enterprise, is the only official export credit agency in the country and provides export credit insurance against political and commercial risks, pre-shipment financing, post-shipment financing, pre-shipment guarantees.
 
The bank, located at 30 Queens Park West, Port of Spain which made an after tax profit of $3.4 million dollars in 2011 has total assets amounting to $382 million. 

Its board of directors are: Mr. Ruthven Boyer Jaggassar – Chairman; Mr. Stephen Noel McCarthy; Ms. Bijili Lilouti Lalla; Dr. Gouse Mallam; Mr. Norris Herbert; Mr. Greig Laughlin. The Chief Executive Officer is Mr. Brian Awang.

According to its website: “EXIMBANK remains a profitable, well managed, state owned financial institution working with local and regional financial institutions…” Yet the government intends to privatise it. Does this not suggest that privatisation has nothing to with economics, but everything to do with neo-liberal ideology and the promotion of capitalist class interests?
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