A new National Bank of Belize will open in Belmopan in a few months. Prime Minister Dean Barrow gives details of what the bank will offer.
Prime Minister Dean Barrow:
The Mission of the Bank is principally to make Residential Mortgage and other consumer loans available to lower to middle income Belizeans, and in particular Public Servants and teachers, at cheaper rates than are being offered in the market at this time. Now the point is being made, this is fiscal policy in action. Government is directly intervening in the market, to cut down costs in a sector that for far too long has given too little back to those on whose backs the profits are made in the first place.
The bank will be chaired by Senator Joy Grant, Minister of Energy, and staffed by capable technocrats and banking authorities. Managing Director Jose Marin is well known in the banking industry as well as in community development. The P.M. says commercial banks are already responding by taking down their rates for residential loans. The Bank follows on the heels of multiple writeoffs for mortgages under SSB, DFC and the Ministry of Housing, and some 6.7 million in principal and interest for those indebted to the now winding up Small Farmers Business Bank will also soon be written off. The Bank will also have facilities to check up on contractors doing home construction for Bank customers.