16 May, 2019
Am writing once more since am concerned and it is nagging me. For some time now, I have been very concerned about the Banking Industry in Belize. I have seen our Belizean banks lose their corresponding banking status with US banks and for me this was worrisome. Following this, I saw bank after bank close their doors due to failure while others opted to leave Belize to avoid losing their reputation.
I have worked very hard to earn every penny I have made. I save not only for a rainy day but for my retirement. I was tempted to invest my money in what they call offshore banking but decided to keep my dollars at home.
The recent upheaval that led to Atlantic International having to close its doors has further worried me to the point of serious concern. Atlantic International was the sister bank to Atlantic Bank where I happen to deposit practically my entire life’s savings.
Mr. Editor, I am one of many whose concerns now run deep. Atlantic Bank has been mute when it comes to this situation. As a concerned depositor I need answers. I have spoken to a few people at the bank who are in management and they too seem to be totally lost as to what is happening. The upper management at Atlantic Bank needs to somehow make a statement to calm our concerns as depositors. We have seen big banks in other countries fail and depositors end up with a dime to a dollar and losing the bulk of their deposits.
I implore the top management at Atlantic Bank to speak and do so promptly. They are too mute on something so important. The more I read and research this issue the more concerns and questions rage in my mind. I can safely say I am very unsettled and am seriously considering withdrawing every penny I have deposited in Atlantic Bank. If the Management of Atlantic does not want a run on the bank my humble advice is that they speak up and clarify or indicate to us as depositors that Atlantic Bank is in no way tied up or affiliated with the mess Atlantic International got itself involved in.
The Governor of the Central Bank and the Prime Minister as Minister of Finance must also clarify this entire situation for everyday Belizean like myself to understand. From all appearances this is much bigger than meets the eyes. We have learnt from history that banks are certainly not too big to fail.