Is National Bank Struggling?
Political commentator Cindy Rosan has questioned whether outstanding loans — including those held by current and former members of the House of Assembly — may be contributing to financial difficulties at the National Bank of the Virgin Islands. Premier and Finance Minister Dr Natalio Wheatley said he could not immediately release loan details, citing legal and confidentiality concerns, but confirmed government officials have been engaged with the bank.
Questions about the financial health of the National Bank of the Virgin Islands have been put into the public arena after political commentator Cindy Rosan asked Premier and Finance Minister Dr Natalio Wheatley whether members of the House of Assembly hold significant loans with the territory’s national bank.
At a recent press conference Rosan asked pointedly: “How many present and past members of the House of Assembly hold large loans or mortgages with the National Bank of the Virgin Islands? How many are paid off, how many are in good standing, and how many are not in good standing?” She suggested outstanding debt could be contributing to alleged struggles at the institution.
Dr Wheatley told reporters he could not immediately provide the information, saying there may be legal or confidentiality constraints on disclosing individual loan details. “I’m not sure if I’m allowed to be able to share that type of information with the public,” he said, adding he would consult his lawyers before deciding what could be released.
He also declined to comment further on the bank’s situation “at this particular time.” The Premier did confirm, however, that the Financial Secretary, his team, and himself have been engaged with the National Bank’s leadership and that internal conversations are ongoing. “At the appropriate time, we’ll give more information,” he said, without specifying a timeline.
The National Bank of the Virgin Islands was established by government to expand local access to banking services and has grown in importance for residents over recent years. Rosan’s questions have renewed public attention on the bank’s loan book and whether large outstanding loans — especially those tied to public officeholders — could affect the institution’s stability and reputation.
For BVI residents, the situation raises several practical concerns: the safety of deposits, the transparency of a government-established bank, and potential conflicts of interest where elected officials hold accounts or loans with a state-linked institution. At present there is no public disclosure of loan portfolios tied to individual borrowers and no timeline for when further details may be released.
Residents should monitor official communications from Government House, the Office of the Financial Secretary, and the bank itself for updates. Those with accounts or loans at the National Bank who are worried about their positions may wish to contact the bank directly for guidance while awaiting fuller information from authorities.
Primary source: BVI News