On Thursday, lawmakers in the House of Assembly voted to open up the National Bank of the Virgin Islands to outside investors.
Legislators unanimously passed the Development Bank of the Virgin Islands (Transfer of Assets and Liabilities) Act, 2017, which refers to the NBVI’s previous name.
The act allows statutory bodies and companies incorporated in the territory under the 2004 BVI Business Companies Act to invest in the government-owned bank, according to Premier Dr. Orlando Smith (R-at large), who introduced the bill.
“The purpose is to be able to make it possible to have at least one other shareholder in the bank, or two,” he said. “By doing so, [it will] increase the capitalisation and enhance the ability to give more services to the people of the territory.”
Health and Social Development Minister Ronnie Skelton (R-at large) indicated the Social Security Board is interested in investing in the bank.
Lawmakers suspended HOA rules to rush the first, second and third readings of the act all in one sitting so it could be passed on Thursday night.
Opposition Leader Andrew Fahie (R-D1) criticised the government for its decision to ignore standard legislative procedures, preventing the public from reviewing the bill before its passage.
Questions and answers
Mr. Fahie asked the premier several questions about BVI Airways, the cruise pier audit and government contracts.
Opposition member Julian Fraser (R-D3) also quizzed Dr. Smith, focusing largely on Governor John Duncan’s decision to withdraw money from the consolidated fund to support the Royal Virgin Islands Police Force.
During the sitting, Dr. Smith tabled the Statutory Instrument 2016 No. 79 – Statutory Rates, Fees and Charges (Amendment of Schedule) Order, 2016; and the Accountant General – Fourth Quarter Financial Report for the Year Ended on December 31, 2016.
See the May 18, 2017 edition for full coverage.
{fcomment}