'ELEMENT OF TRUTH' TO BANK FEE CLAIMS

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September 27, 2011

By NEIL HARTNELL

Tribune Business Editor

THE CLEARING BANKS ASSOCIATION'S (CBA) head yesterday conceded there was "an element of truth" to allegations that Bahamas-based financial institutions had either increased or introduced new fees to compensate for bad loan losses, pointing out that all businesses adopted such strategies to survive.

Ian Jennings told Tribune Business that during recessions, when particular earnings streams fell and the bottom line declined, it was only natural for companies - including commercial banks - to develop new revenue avenues and cut costs "to stay in business".

He was responding after Dionisio D'Aguilar, president of the Superwash la ...

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News date : 09/27/2011    Category : Tribune Stories

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