Categorized | National News


Progressive Liberal Party (PLP) Deputy Leader Chester Cooper yesterday suggested in the House of Assembly that the money from dormant accounts at the Central Bank be used for youth empowerment, family island development, school sport facilities, or somewhere than will make a difference. 

He added that “this money isn’t acctual revenue and though it makes sense for the State  to deal with these dormant accounts, they should have every intention of having the funds used by entities or an individual”. 

He said, “It would be bad form to spend this money from the consolidated fund for a current expenditure paying bills by everyday expenses.”

He added, “it is unjust to classify it as government revenue and book it through the consolidated fund, in my view.” 

Mr. Cooper added that before the government embarks essentially ceasing money from these accounts, there should be provisions in the bills and regulations to mandate that a notice be given to customers informing them of their plans.

He said, “I also find that the requirements for notice set out in certain legislations like the Insurance Act for notice by mail or registered mail is archaic, especially in the realm of modern technology and the inefficient postal services.

  “So when we amend the bills to require notice, I would recommend that we consider the modern approach for delivering such notices,”  said Mr. Cooper. 

The Exuma and Ragged Island MP added that dormancy, in his view, is usually the result of  bad customer service,  saying that there is no measure to improve the heightened level of care at the bank and trust company, but  according to him, there should be. 

Mr. Cooper invited the government to look first;  slow down a bit, and  look at countries like the United Kingdom,  the United States, Ireland, and Japan, assuring that together they will discover that there are attempts to create reserves in these accounts to ensure that the owners are not disenfranchised. 

He  said there is a constitutional point to be made, adding that he believes it is important that the government consider carefully these points.

Written by Jones Bahamas

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