Canadian banks unhappy with Caribbean investments and loans

Caribbean-bank-money_laundering

“Last year unemployment in Barbados stood at nearly 12%, but it the rate is forecast to rise to 15.6% in 2015, according to the IMF.”

According to the International Monetary Fund, RBC, CIBC and Bank of Nova Scotia are dominant players across the region with about 60% of total banking assets, almost as strong as their position in Canada. But are those players starting to question their enthusiasm in the face of the regions worrying economic malaise?

Canadian Imperial Bank of Commerce warned last week that it will take a $420-million charge to goodwill related to its subsidiary CIBC FirstCaribbean, which it blamed on “persistently challenging economic conditions and our current expectations for conditions going forward.”

With unemployment in the U.S. still stubbornly high, the middle class seems to be taking more modest holidays, with far fewer traveling to the Caribbean. The developed world is starting to recover from the turmoil but the numbers suggest that’s not the case in countries like Barbados and Jamaica.

… much more in the Financial Post: How the Caribbean is not so sunny anymore for Canadian banks

8 Comments

Filed under Barbados, Business & Banking, Disaster, Economy, Offshore Investments

8 responses to “Canadian banks unhappy with Caribbean investments and loans

  1. Canadian Banks moral and social responsibilty

    Canada has an incredibly strong asset in the Canada/Barbados Tax Treaty whereby Canadian monies are funnelled away from Canadian taxpayers to the tune of Billions of Dollars a month through Canadian Barbados Banks.

    The Canadian Banks are in the best position to help turn things around by supporting independent literate and responsible citizens so they can run on important issues ( not party tribal lines ) such as ITAL, cleaning up the judicial corruption, enforcing a stronger police force, introducing a proper land title system, and reducing bureaucracy.and implementing long term policy strategy for the environment.

    Standing by and watching a country go to hell in a hand basket reflects the Canadian Banks complicity which fails to honour and respect Canadian social and moral obligations to the citizens of Barbados.

    Canada might as well as have its tax Treaty with Russia!

  2. river

    Canadian money hidden with deceit in barbados.
    Canadian taxpayers are not prepared to pay for barbados
    banks or people. especially after the white trash issue.
    so they coming for what is right fully theirs and not yours.
    comprehend?
    Canadian billionaires and millionaires having their offices in barbados to avoid paying tax in canada is a thieving,
    unlawful disgrace. i hope they lock up the bastards as well.
    why you dont stop them with the barbados army????????
    ha hah ah karma is a bitch.

  3. PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad

    Well , well , Do we hear PLANTATION DEEDS WARNINGS.
    NO CLEAR LAND TITLE DEEDS, Law in Barbados , Banks lawyers and greedy Banks selling and funding what they do not and will never own , by way of Massive land Fraud,
    Audit to land in BARBADOS IS A MUST,
    BEATRICE HENRY AND VIOLET BECKLES , PLANTATION DEEDS RULE ALL LAW.
    BARBADOS becoming a ghost town , We have to put the crook, liars and scumbags lawyer out of business and in Jail.,
    Barclay’s Bank heads and lawyers have a lot to answer for , Bajan’s cant no afford to buy nothing on the open market , It was based on USD, EUR,POUNDS, CAN .
    The accounts seem to be missing when last loan out 30,000 cash in 1969 cash . Now no signs of her name at all,
    BURN UNIT = All infor removed

  4. K Murphy

    Actually, you have to realize that for the same amount of money, Americans can go to Many tropical locations. For the same airfare, people from the East Coast of the US, for instance, can fly to Costa Rica, Mexico, sometimes even Hawaii. The ” Cache” isn’t there anymore. …There is basically nothing for children to do, and , other than some Very good restaurants and surfing/diving/snorkeling, Bim doesn’t have a whole lot. Better come up with something for tourists to do, soon. I highly recommend touting Bim as a water sports capital for the entire family. As it Is right now, it seems like you are counting on a whole lot of very old , conservative , “Birks” Brits, which is a turn off to anyone else. …
    I love Barbados. Please fix the tourism authority, thanks.
    Peace.
    Kerry

  5. K Murphy

    Sorry, I should have added, the demographic you keep seeking is dying off….how will you get young Brits with no money to come ?

  6. PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad

    http://epaper.barbadostoday.bb//launch.aspx?eid=bc6d1f24-5796-463c-9882-da1cdc6a2deb
    DATE OF PAPER 11.3.14

    12.8 % DROP ,,, IS THE HEADING, PAGES 8&9 WELL AND SEE NO CLEAR TITLES TO LAND IDB PULL $60,000,000.00 .

    Mean to say they cant come up with papers for that amount of money , You can only fool locals and greedy business men , with help of crook lawyers and Ministers back up with money from banks making money with rates on lending, The land records in the Archives and Land registry have been tampered with , re- written , re-moved, hidden , lied about in books ,

    NO CLEAR TITLES , WE HOLD THE CONVEYANCE FOR THE LAND IN QUESTION , WHERE THE DLP GOVERNMENT STILL DEALING WITH FRAUD .came in to full effect 1997 with Mia and Owen BLP government ,
    FOUR SEASONS TO A halt for the no clear title and had to rob the people fund to pay off the first investors , and the 2nd investors backed out early this year. BARBADOS stuck in the mud with Fraud,

  7. just want to know

    The pain that the people of Barbados are going through are home grown. The present administration did not listen to the people who were telling them they are going on a slippery slope. The last election they duped the the people to vote for them because the opposition were going to send home people from the public service, so now we see higher taxes on everything, droves of people going home, and the unions setting back, & saying nothing, only now the NUPW & BWU are trying to make people think they are doing something. Procrastination I think is what one would call it, not a thing will come out of this show that is being put on.

  8. PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad

    Advil anyone, Crooks liars and scumbags need a real DPP, but wait , is the DPP also in the massive land fraud , NO clear titles of land , laundering Estate of Violet Beckles all over Barbados in CLICO ,Sir Ham and Sir Cow , and their Cus Sir Allen Standford and Maddoff?
    When is the Barbados Royal Police Fraud Squad and the DPP issue WARRANTS FOR THE CROOKS,
    Land record and History made up by National Trust selling books at 100BDS for on going lies.
    Only Maps to find are printed after Queen Beatrice Henry died Dec13,1985 at the age of 93, The CONVEYANCE HOLDER OF THE PLANTATION DEEDS.
    FBI AND SCOTLAND YARD needs to be looking in the the land fraud and THE roll of FIRST CARIBBEAN AND SIR RICHARD CHELTENHAM PLAYED with Sir C.O .Williams aka COW and HAM.
    Calling all law enforcement bodies to Barbados . international wire fraud, laundering, Treason punishable by hanging . Any one selling rope?
    If the Banks looking for their money , check for CLEAR TITLE OF 70 YEARS, BUT THE FRAUD WAS ON FOR NEAR 30 YEARS, SO 100 YEARS CLEAR TITLE. You will see magic just like the IDB moved out and took their $60,Million form the DLP based on Owen and MIA of the BLP government ,
    Look out now for the UDC and NHC inland fraud upon the Audit General seem cant find the money taken and BILLIONS on Billions in VAT Missing.
    Where is the Money MIA and OWEN and PM Fumble and MoF Sinkman ?