The Free National Movement (FNM) plans to demonstrate in front of a Bank of The Bahamas (BOB) location and on Bay Street tomorrow in order to get "full disclosure" of what led the bank to amass more than $100 million in troubled loans.
In a statement, the FNM said "all supporters and concerned Bahamians are invited to share your deep concern over the Bank of [The] Bahamas' mismanagement this Wednesday".
In November, the government established a government corporation, Resolve Bahamas Ltd., to absorb $100 million worth of BOB's commercial loans.
Resolve will engage an accounting firm to go after those overdue payments with every "commercial, financial and policy mechanism at its disposal".
Yesterday, FNM Chairman Michael Pintard said the FNM is very concerned about how BOB's "unfortunate situation" was allowed to grow over time.
He said there are broader questions that must be answered.
"This is a government that believes that having made one decision, though extremely late, believes that all other things should be forgotten and forgiven," Pintard said.
"More fundamental questions need to be answered such as was there impropriety in the management, allocation and attempted collection of the loans.
"And to what extent are there public officials - who they are, how large the loans, and to what extent are they being serviced?"
BOB Managing Director Paul McWeeney has said that of the loans being transferred from BOB to Resolve "none include any loans that are outstanding from what are referred to as politically exposed persons".
He said the loans awarded to those politically exposed people represent a small percentage when compared to the total loans outstanding.
Prime Minister Perry Christie said previously that BOB's board of directors has been directed to assess the bank's management and cost structure and to submit recommendations to the government for management and administrative reorganization.
The government has assured BOB customers that the bank's services will continue uninterrupted and its revenue prospects will be "significantly improved" as a result of removing some of the risk from its portfolio.
It has also said it is confident that the accounting firm will be able to successfully collect the overdue facilities.
However, Pintard expressed concern about employment and stock values at the bank being maintained and grown.
"In order for that to happen you need effective management, oversight at the board level and a system that has integrity in it," Pintard said.
"That means the compliance regime is behaving according to best practices."
FNM Leader Dr. Hubert Minnis is expected to issue a statement on the matter following the 9 a.m. march.

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