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Committee members call on BLA to resume normal functions quickly


Members of the committee elected to interface with the Financial Services Authority (FSA) on behalf of shareholders of the Building and Loan Association are calling for the resumption of normal functions of the financial institution.{{more}}

Speaking last Wednesday, one day after a shareholders meeting, the second since February 21, Jerry George, public relations officer (PRO) of the committee said that this was one of the key components and the committee members felt that it was necessary for the BLA to resume its normal functions.

“We cannot allow the Building and Loan Association to collapse, but we believe that normal functions must resume quickly,” George said.

Meanwhile, Junior Bacchus, chairman of the committee said that the committee remained committed to working with the FSA and that they (the committee members) appreciated the efforts that they were (FSA) making.

“We are not saying that everything that the FSA is doing is perfect; they are human beings like us and we are satisfied having met with them that they are working in the interest of the shareholders,” Bacchus said.

“We understand the situation they have to deal with,” he continued.

According to the committee’s chairman, they had agreed that they were not going to push for a specific time that the FSA would oversee the operations of the BLA, but rather intended to keep in contact with the FSA and meet regularly to get updates on their progress and help them to transition the organisation back to its shareholders.

“We are satisfied that they are working in our best interest, and we want the general public to cooperate with their efforts,” Bacchus said.

He appealed to members of the BLA to do what they could to help, even if it meant withdrawing requests for refunds and allowing the FSA to manage the liquidity issues in a better way would be useful, the chairman explained.

Following the election of the committee which took place at the first shareholders’ meeting on February 21, Bacchus explained that they were able to meet with the FSA, where a number of issues and concerns were raised on the behalf of shareholders. (DD)