7 News Belize

Is PSU Credit-Worthy For National Bank?
posted (November 23, 2018)
And the press also took one more stab at the PSU issue. As we reported last night, the Prime Minister has interceded to get the hilltop property back for the PSU. He's going to give the union a grant to assist them to buy back the property. But he's also going to recommend to the national bank to help the union with a 150 thousand dollar loan. We asked him on what strength he makes that recommendation:...

Jules Vasquez, reporter
"The union, they hold an important place in the social firmament, but they have been proven to be people who unfortunately or unable to pay their lease at least, Why then would you recommend them to the National Bank?"

Rt. Hon. Dean Barrow, Prime Minister
"Because they are the Public Service Union. They represent these thousands and thousands of government employees. They are one of the most valuable sectors of the society. They are actually involved in a partnership with the Government of Belize and most important of all, because if they did pursue a loan at the National Bank of Belize, it would have to be collateralized, sir. And my own suggestion would be that the very property in respect of which the borrowing would be made - could, should, would form the basis of the collateral."

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