Vanterpool Sidesteps Bank of Asia Questions
PLM leader Mark Vanterpool declined to directly address the Bank of Asia collapse during a Morning Facts interview, saying the matter should be handled by the Financial Services Commission. He instead urged expansion and recapitalisation of the National Bank of the Virgin Islands as a longer-term solution amid continued public concern over a $5 million government placement and the involvement of Junior Minister Lorna Smith.
Mark Vanterpool, leader of the People’s Leadership Movement (PLM), declined to answer questions about the troubled Bank of Asia during a recent appearance on the Morning Facts programme with host Cindy Rosan. Asked how he would have handled the Bank of Asia situation if he were premier, Vanterpool said such matters belong to regulators rather than politicians. "Any bank or any financial institution should be handled through what you set up — the FSC (Financial Services Commission)," he told listeners. "The Bank of Asia matter, as with any institution that becomes liquid, should be handled by the FSC and not by the political." Vanterpool also said he did not know the full details of the case and preferred not to comment at length.
When Rosan suggested the territory’s $5 million might have been better placed in the National Bank of the Virgin Islands, Vanterpool again declined to engage: "I don't want to comment on that. I don't know what was the thinking at the time or whoever made the investment there." Rather than address specific decisions around the Bank of Asia or the $5 million placement, Vanterpool used the interview to outline his vision for the public banking sector in the Virgin Islands.
He urged that the National Bank expand its physical presence to Virgin Gorda, Anegada and Jost Van Dyke, and that the government-owned institution seek outside investment and greater capitalisation. He pointed to national banks in the Cayman Islands, St Kitts and St Lucia as models that could be invited to invest to strengthen the local bank's performance.
The interview comes amid intense public scrutiny over the collapse of the Bank of Asia and the revelation that the government placed $5 million in public funds into the institution after it had reportedly been flagged for liquidation. The matter has drawn additional attention because Junior Minister for Financial Services Lorna Smith — Vanterpool's sister — served on the bank's board when its troubles began to surface.
Premier Dr Natalio Wheatley has said preliminary investigations found no evidence linking Smith to the decision to transfer the $5 million, but that assurance has not quieted calls from residents for a full accounting. Many community members continue to demand greater transparency and a thorough explanation of how public funds were allocated.
With concerns over public money and governance still unresolved, Vanterpool's deferral to the FSC underscores broader questions about regulatory oversight, political accountability and the changes residents want to see in the territory's banking system.
Primary source: BVI News