09-02-2010, 08:16 PM
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Ah My Balls
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Join Date: Feb 2007
Location: Under the gold leaf ICQ 388-454-421
Posts: 14,311
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This have something to do with it?
http://www.fptci.com/index.php?optio...ocal&Itemid=26
Quote:
Justice Richard Williams has directed the depositors and shareholders of TCI Bank to vote on a rescue plan offered by two Eastern Caribbean banks that would return all money to most bank customers.
However, Financial Services Commission (FSC) is now saying St. Kitts Nevis Anguilla National Bank Ltd. and National Bank of Dominica Ltd. must deposit $18.5 million before it will approve the plan. The plan on which depositors and shareholders will vote only offers $12.5 million, but it allows for the plan to be modified.
If depositors and shareholders approve, the plan still must be approved by the Eastern Caribbean bank's boards of directors and central bank, as well as the FSC.
The plan on the table would allow all deposit accounts to have access to up to $50,000 during the first 90 days after the bank reopens. The banks say that covers approximately 97 percent of TCI Bank?s depositors.
All other depositors will be required to leave their funds in the bank for up to five years, earning an interest rate of 1.75 percent per annum from the day the new bank opens its doors.
The Financial Services Commission closed the bank in April and called in provisional liquidators after a number of large withdrawals were made from the bank that was already overburdened with non-performing loans. It was the only indigenous bank in the Turks and Caicos Islands.
The Eastern Caribbean banks were one of three groups offering rescue plans. If the rescue is not approved, the bank would go into full liquidation, and depositors would get back only pennies on the dollar over several years, liquidators have said.
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