Home' Trinidad and Tobago Guardian : January 26th 2018 Contents A22 opinion
Friday, January 26, 2018
Banks and full disclosure
Many complaints are currently being raised
about the arbitrariness of the fees charged
by banks and the lack of transparency in
their dealings with customers. An ancillary
question arises as to what extent banks
make comprehensive disclosure in their
loan transactions and the full consequences
It may therefore be necessary for banks
and other financial institutions to be more
open and forthcoming with the result that
the borrower will be empowered to com-
pare choices and options available to him/
her and make more rational loan decisions.
As such, borrowers may be in a better posi-
tion to avoid saddling themselves with oner-
ous and unredeemable indebtedness.
With the above in mind I moved a motion
in the House of Representatives way back in
November 1990 as follows:-
“Whereas this House acknowledges that
many members of the public are not aware
of the full implications of the terms and
conditions under which credit facilities are
advanced to them by commercial banks and
other lending agencies in this country, and
Whereas in the absence of such full
knowledge of terms and conditions, mem-
bers of the public are induced to make
decisions to enter into loan agreements to
which they would not have otherwise con-
Whereas the entering into such loan con-
tracts with limited disclosure of the obliga-
tions imposed on them has caused severe,
unanticipated hardship on many borrowers
Be it resolved that this House call upon
the Government to institute Truth in Lend-
ing Legislation in Trinidad and Tobago as
expeditiously as possible.”
After some debate the motion was ap-
proved with an amendment. Up to today
I am not aware that such legislation has
found itself on the statute books of this
country whereas competition for market
share among the banks has increased sig-
nificantly over the years.
Taking control of
crime and politics
The Prime Minister should stop moaning about
crime and political issues in which he says he has no
control. With respect to the galloping rate of mur-
ders and crime here, all he needs to do immediately
is to restore the death penalty and recommence
hanging those already found guilty of murder.
Many of the serious and other crimes committed
here are generated and associated with the failure of
the government to deal with those committing the
capital crime of murder here by not making sure that
they pay the rightful retribution the death penalty.
We just have too many murderers walking free here
bearing in mind the size of this country and its small
This definitely reflects a lack of political control
by the Prime Minister and our brigade of politicians.
The law of the land must be been forced when crime
gets out of control Here crime is out of control and
staring us in the face, especially the act of murder.
Where control of other important matters are
concerned the Prime Minister must change the rules
and regulations by legislation if necessary so that he
has the last say and control of what takes place in
institutions such as the police.Afterall that is why he
was elected as Prime Minister.
Blaming others for his failures is admitting that he
has failed and this respect he should now consider
hanging his boots up by resigning.
Answers needed on
Recent media reports carried a story on January 22
about a Russian naval vessel in T&T waters. The local
media rebroadcast a story by US cable network CNN,
a report by Brian Todd on the Russian communica-
tion vessel Viktor Leonov.
The CNN report claimed that the spy ship was last
seen leaving T&T in recent days. To date there has
not been a report confirming or denying this war-
ship’s visit from the Ministry of National Security
nor the Minister. The various media houses in this
country have, to the best of my knowledge, posted
nothing further than the initial offering of Brian
Did the Viktor Leonov enter the sovereign terri-
torial waters of T&T? Were our security apparatus
aware of this incursion/intrusion? Was it an author-
ised entry? Was permission given for this entry?
If the vessel was not within our territorial waters,
has a complaint been lodged with CNN and an apol-
ogy demanded or retraction sought?
Please Minister Dillon we the citizens need some
answers on this event.
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