Government to reimburse small account holders of the failed CapBank

Tuesday, March 18, 2014 7:39 PM- St. George's, Grenada
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ST. GEORGE’S, GRENADA, March 18, 2014 – GIS:
Small account holders who lost their money when Capital Bank collapsed are to be reimbursed.

The government says it will make the payments to persons who had, at most, 500 dollars deposited.

Permanent Secretary in the Ministry of Finance, Timothy Antoine, says four thousand cheques amounting to five hundred thousand dollars are ready to be handed out.

“All the cheques are ready; there are close to 4,000 cheques. We have to work out the logistics of distribution,” said Antoine during Tuesday’s post cabinet news briefing.

“Frankly, our thinking is to try and [distribute the cheques] in the middle of the month rather than at the end of the month because we do have issues. We are hoping to use the District Revenue Offices or the SEED Offices in the various parishes.”

The payment to CapBank’s small account holders is a pre-election promise of the one year old Keith Mitchell administration.

Antoine says the cheques, which are to be distributed over a seven day period, were delayed while officials sought to finalise the logistics.

“We don’t want to do it at the end of the month, competing with public assistance and pensioners and so on, we have to work out [an appropriate] time,” the Permanent Secretary said.

“The truth is, we were hoping to do it last week but we were a little behind schedule in planning the logistics with the receivers so the plan is to do it around the middle of the month when we are not clashing.”


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