Premier Withholds Social Security Bank Funding Details
Premier Dr. Natalio Wheatley has declined to state whether Cabinet approved Social Security Board funds to assist the National Bank of the Virgin Islands, calling the matter sensitive. The SSB already holds a 33 percent stake in the bank from a 2017 investment, as lawmakers continue to question the government's broader use of statutory funds.
Natalio Wheatley has declined to disclose whether Cabinet approved funding from the Social Security Board (SSB) to support the National Bank of the Virgin Islands (NBVI), describing the matter as too sensitive for public release. Wheatley faced questions regarding the government-owned bank's financial health and reports that contributors' money would be directed toward the institution.
When asked directly how much money Cabinet had approved for transfer from the SSB to the bank, the Premier declined to provide a figure, stating that it was a question he could not answer at the moment. He added that he must consult with Ministry of Finance officials before releasing any information, reiterating that the details are not ready to be shared with the public at this stage of the process.
The Premier did not clarify whether Cabinet had formally approved a transaction or provide a timeline for when details might be made available. When asked if the government was approaching commercial banks such as CIBC for additional financing, Dr. Wheatley stated that no specific institution had been chosen, though initial discussions have taken place regarding financing key government priorities.
The SSB is already a minority shareholder in the National Bank. The Virgin Islands Government holds 67 percent of the bank's shares, while the SSB owns the remaining 33 percent following a $15 million investment in December 2017. That initial capital injection was intended to strengthen the bank's capital adequacy and support the expansion of its loan portfolio and fixed assets.
The situation comes amid intensifying scrutiny over the government's reliance on Social Security funds for public ventures. In the House of Assembly, Sixth District Representative Myron Walwyn accused the government earlier this year of mismanaging approximately $40 million provided by the board during the COVID-19 pandemic.
Opposition Leader Marlon Penn has also repeatedly demanded comprehensive business cases, transparent repayment schedules, and robust contingency plans for statutory investments, warning that taxpayers and contributors bear the ultimate financial risk. Public finances remain under heavy scrutiny across the territory, with leaders and residents calling for full transparency and accountability following past financial controversies, including the unauthorized transfer of $5 million in public funds to the now-defunct Bank of Asia.
Primary source: BVI Platinum