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TCI Loaded; Bank amounts and accounts disclosed in House of Assembly

BB+ Rating2Providenciales, 06 Aug 2015 – The Turks and Caicos is loaded, at least that is what it sounded like last week when Finance Minister Washington Misick responded to an Opposition Party question on how much money we’ve got as a nation, and where that money is.

“The balance in the sinking fund at the end of June 2015 is $110,261,700.90. The cash balances in the banks within the Turks and Caicos are as follows: Deposit account clearing, $875,000; CIBC First Caribbean Int’l 7,187,221.41…”

Literally tens of millions of dollars in half a dozen bank accounts speak to a very different TCI since the UK Interim Administration altered government’s operations through policy and constitutional changes and which have forced a more streamlined approach to managing the country’s money.

During the Budget Debate, this very comparison was made when Governor Appointment member, female, Lilian Missick made her contribution. The sinking fund alone boasts over 100 plus million dollars; this is a sort of savings account for the country.

Recently the TCI learned that it maintains its BBB+ rating from Standard and Poor’s and last week during Cabinet, it was hinted that the report for quarter one for these islands will again show strong financial performance.

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