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Growth Plan for Bank of The Bahamas

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NASSAU, 31 Oct 2014 –

Statement by
The Right Honourable Perry G. Christie MP
Prime Minister and Minister of Finance

For 25 years, successive governments have worked hard to transform Bank of The Bahamas from a foreign owned entity into a fully Bahamian owned clearing bank with a unique mix of public and private sector ownership, offering to the public a wide range of banking services in New Providence, Grand Bahama and various Family Islands where other clearing banks have historically shown little interest in going.

Today:

• BOB is 100% Bahamian-owned : 65% by the Government of The Bahamas, with the remaining 35% being widely held by some 3,500 Bahamian shareholders.

• BOB now has total assets of $771 million dollars, compared with only $93 million when the Government acquired ownership of the bank from the Bank of Montreal 25 years ago in 1988.

• BOB has approximately 40,000 depositors today with deposits totalling $679 million dollars.

• BOB has total loan assets of approximately $650 million dollars

• BOB operates through 14 branches in The Bahamas

• BOB employs more than 350 Bahamians.

With all that successive governments have done over the years as majority shareholders of the bank, the guiding resolve has remained the same:

• to maintain the safety and security of customer deposits at all times;

• to ensure that the bank is operated in accordance with regulatory norms imposed by the Central Bank of The Bahamas and industry “best practices” ;

• to ensure that the bank delivers its services to its customers at a world-class standard and in a way that is relevant and responsive to the needs of Bahamians and their national economy ;and

• to ensure that at all times the bank is backed by what is colloquially referred to as the “full, faith and credit” of the government as the majority shareholder, while at the same time preserving the integrity of the bank through a policy on non-interference by the government in day-to-day management and credit decision-making.

Although between 1993 and 2012, BOB enjoyed an unbroken record of profitability, it has, in common with nearly all other clearing banks in The Bahamas, experienced reversals either resulting from or exacerbated by the recent global recession and, in particular, the last U.S. recession.

In the case of the Bank of The Bahamas, the Central Bank, under the leadership of Governor Wendy Craigg, has carefully monitored BOB with particular reference to the risks posed by BOB’s portfolio of non-performing commercial loans. As part of this regulatory oversight, the Central Bank has engaged the Ministry of Finance in constructive dialogue on remediation strategies. Out of this has developed a specific plan of action.

I am therefore pleased to announce this plan today. Here is how it will work:

The Ministry of Finance has established a new Bahamian company, Bahamas Resolve Ltd (“Resolve”) which is wholly-owned and wholly controlled by the Government of The Bahamas. Resolve has taken over B$100M in troubled commercial loans from Bank of The Bahamas, thereby removing this risk from BOB’s books. In so doing, the Bank’s revenue prospects will be immediately and significantly improved. At the same time, shareholder value and the Bank’s overall financial condition will be enhanced as well. It will also allow Bank of The Bahamas to return to profitability in the near future and will restore full compliance with Central Bank and international regulatory standards for capital adequacy.

I should like to emphasize, firstly, that no public treasury or National Insurance funds have been disbursed in connection with the assignment of these loans from BOB to Resolve. However, liability for these debts has been transferred to Resolve along with the benefit of the loans and the underlying security. And as the new owner of the transferred loans, Resolve will be putting special mechanisms in place to assist in the collection of the overdue loans.

Secondly, I should also like to emphasize that this transaction, under which $100 million in commercial loan debt has been transferred from BOB to Resolve, was developed in close consultation with BOB’s legal advisors in this matter, Higgs & Johnson, and BOB’s external auditors, Ernst & Young, both of whom have provided affirmative opinions on the transaction.

And thirdly, I should also like to emphasize that this kind of transaction is not fundamentally dissimilar to state-led re-structurings that were done or accommodated for a number of banks in the more developed economies of the world, including the U.S., in the wake of the 2008 recession.

In addition to what I have just outlined, I wish to make it known that the Bahamas Government, consistently with its 65% stake in BOB, will be pursuing new initiatives designed to steer more public sector business and public employee credit demand towards the Bank of The Bahamas. In doing so, however, the Government will, of course, be mindful of its obligation to maintain a fair and competitive commercial environment for all banks in The Bahamas. I have therefore instructed the Ministry of Finance to determine the best course of action for achieving these objectives on a correctly balanced basis.

In conjunction with the elements of the plan that I have just outlined, the Bank of The Bahamas will also undertake re-structuring action of its own to re-align and re-balance the bank’s business model towards more retail banking, consumer lending and e-banking products.

BOB’s Board of Directors has also been directed to assess its management and cost structure, and to submit recommendations to the Government, as the majority shareholder, for management and administrative re-organization, before the end of 2014.

Together, the plan and measures that I have outlined will help ensure the sustained stability and future growth and profitability of BOB. The Bank of The Bahamas bank has a great and prosperous future ahead of it.

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New GPS Evidence Prompts Fresh Search for Missing American Woman in Abaco

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ABACO, BAHAMAS — Nearly two months after American sailor Lynette Hooker vanished in waters off Abaco, investigators are preparing to conduct a new search based on GPS and navigation data that reportedly challenges the account originally provided by her husband.

The case, which first drew international attention in early April, began when Brian Hooker told authorities that his wife was swept away after falling from an inflatable dinghy during rough conditions in waters near Elbow Cay.

Initial search efforts involving Bahamian and U.S. authorities covered extensive areas of the Sea of Abaco but failed to locate the missing Michigan woman.

Now, according to multiple U.S. media reports, investigators have obtained electronic navigation and GPS data that appears to place the couple’s dinghy in a different location from where searchers initially concentrated their efforts.

The new information has prompted authorities to reopen search operations and seek permission for divers to examine a more targeted area of the Sea of Abaco.

Unlike the broad search that followed Hooker’s disappearance, the renewed effort is expected to focus on a relatively shallow section of water, reportedly about 25 feet deep. Investigators believe the location may offer a better opportunity to recover evidence and potentially answer lingering questions surrounding the disappearance.

The latest development marks a significant shift in the investigation.

What began as a maritime search-and-rescue operation has evolved into a complex multinational investigation involving Bahamian authorities, the United States Coast Guard and the Federal Bureau of Investigation.

Brian Hooker was detained and questioned by Bahamian authorities following his wife’s disappearance but was later released without charges. While investigators have never publicly accused him of a crime, reports indicate he remains a person of interest as authorities continue to examine the circumstances surrounding the case.

Hooker has repeatedly denied any wrongdoing and has maintained that his wife accidentally fell overboard.

The investigation has intensified in recent weeks. U.S. authorities have reportedly seized the couple’s sailboat, Soulmate, transporting the vessel to Florida for forensic examination. Investigators are said to be reviewing onboard electronics, digital records and other potential evidence as part of the ongoing inquiry.

The case has also attracted attention from Lynette Hooker’s family, who have continued to press for answers and support efforts to locate her.

The renewed search comes after Brian Hooker returned to the United States following the disappearance. Reports indicate he cited family reasons, including concerns about his mother’s health, for leaving The Bahamas.

For investigators, however, the focus now appears fixed on the newly identified search area and the electronic evidence that led them there.

Whether the latest operation produces answers remains to be seen. But nearly eight weeks after Lynette Hooker disappeared in the waters of Abaco, authorities believe new technology and new information may finally provide a clearer picture of what happened that night.

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Firearms, Migration Enforcement and 61% Crime Drop Highlight Bailey’s Year in Review

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By Deandrea Hamilton

PROVIDENCIALES, Turks and Caicos Islands — The dramatic decline in murders may have captured public attention, but newly released Year in Review graphics from Police Commissioner Fitz Bailey reveal a much broader policing strategy that the Royal Turks and Caicos Islands Police Force says is producing measurable results across the territory.

Among the standout achievements highlighted in the Commissioner’s 2025-2026 review is the recovery of 22 illegal firearms and more than 500 rounds of ammunition during 2025.  The graphics also show that four additional illegal firearms were seized during the first quarter of 2026.

The Police Force credits proactive policing, intelligence-led operations and community partnerships with helping remove weapons from the streets and reducing opportunities for violence.

The review also points to what may be the most significant statistic in the package: a 61 percent reduction in overall crime.  While the graphics do not provide a detailed breakdown of offences contributing to that decline, the figure suggests improvements extended well beyond homicide investigations and into broader categories of criminal activity.

Other accomplishments cited include strengthened border security operations, the detention of more than 1,100 irregular migrants, the dismantling of illegal settlements, the launch of a Human Trafficking Unit and expanded highway patrol initiatives.

The Force also highlighted increased engagement with communities through schools, churches and outreach programmes, investments in officer training and professional development, and modernization of information technology and communications systems.

For the tourism-dependent Turks and Caicos Islands, the review sought to reassure visitors that the destination remains safe.  Police recorded 43 incidents involving tourists during the review period, including 18 offences against the person, 23 property-related offences and two offences against the state.

Using annual visitor estimates of approximately two million arrivals, the Force argues that tourists remain overwhelmingly safe while vacationing in the territory.

The review also confirms the much-publicized reduction in murders. According to the data, murders fell from 48 in 2024 to 27 in 2025, representing a 43.75 percent decline.  The graphics further indicate that no murders were recorded during the first quarter of 2026.

While the figures paint a picture of improving public safety, they also raise questions that many residents will likely want answered as the conversation turns from crime reduction to criminal accountability.

Notably absent from the review are statistics related to arrests, charge rates, case clearances, prosecutions and convictions.  The graphics demonstrate that crime is declining and that firearms are being removed from communities, but they do not indicate how many suspects were arrested in connection with major crimes, how many cases resulted in charges, or how many offenders were ultimately convicted before the courts.

Those metrics have long been viewed as important measures of police effectiveness, particularly in serious crimes such as murder, shootings, robberies and firearms offences.  While the latest review focuses heavily on outcomes and operational achievements, future reporting on arrest and conviction rates may provide a more complete picture of how successfully the criminal justice system is converting police investigations into courtroom victories.

Still, Commissioner Bailey’s review makes a clear argument: that a combination of proactive policing, strategic enforcement, border security initiatives and community engagement has contributed to a safer Turks and Caicos Islands.

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Nassau Opens CDB Annual Meeting at Baha Mar This Week

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NASSAU, BAHAMAS — Regional policymakers, development financiers, economists and international partners are converging on Nassau this week as the Caribbean Development Bank (CDB) stages its 56th Annual Meeting at the Baha Mar Resort from June 1-5, 2026.

Held under the theme, “Forging the Caribbean’s Future: Strategic Solutions for Uncertain Times,” the gathering is expected to place The Bahamas at the center of discussions on some of the region’s most pressing challenges, from climate resilience and energy security to debt sustainability and economic growth.

At the launch of the annual meeting on March 19, CDB President Daniel Best underscored the importance of bringing together leaders from across the Caribbean and beyond at a time of global uncertainty.

“The Annual Meeting provides a strategic moment for the Caribbean, an opportunity for our leaders, governments, development institutions, private sector, youth, and international partners to come together to identify practical solutions that can help the Region navigate uncertainty while unlocking the opportunities that lie ahead,” Best said.

The conference host, newly named Bahamas Minister of Finance and Chairman of the CDB Board of Governors, Michael Halkitis, also emphasized the significance of the event during the March 19 launch ceremony.

“Today’s gathering marks more than the start of preparations for an important meeting. It represents the beginning of a renewed conversation about the future of the Caribbean, about our shared aspirations, our common challenges, and the partnerships that will shape the path forward for our region,” Halkitis said.

He added: “Hosting the 56th Annual Meeting of the Caribbean Development Bank here in Nassau provides an important opportunity to strengthen partnerships and advance meaningful dialogue on the future of the Caribbean.”

Over the five-day meeting, delegates will tackle major issues including energy transition and resilienceinnovative debt solutions for Caribbean economies, and the impact of global economic shocks on regional development.

The programme features a number of high-level events including the Youth FIRE Forum, the William G. Demas Memorial Lecture, the President’s Chat titled Financing the Future: MDB Strategies for Uncertain Times, and a series of policy seminars examining climate finance, infrastructure, economic resilience and development lending.

Among the featured participants are CDB President Daniel Best, Finance Minister Michael Halkitis, senior officials from multilateral development banks, regional finance ministers, central bank governors, economists, development specialists and private-sector leaders. The President’s Chat is expected to bring together leaders of major multilateral development banks to discuss financing strategies for developing states facing mounting economic pressures.

The annual meeting also includes sessions branded “EDGE X by CDB: Analytics Unlocked,” which will explore the economic costs of traffic congestion in the Caribbean and how global crises continue to affect regional economies.

The CDB Annual Meeting traditionally attracts representatives from the Bank’s 28 member countries, including government ministers, senior public officials, development agencies, international financial institutions, youth delegates, academics and private-sector stakeholders. Hundreds of delegates are expected to participate in discussions that will help shape development priorities and financing strategies across the Caribbean in the years ahead.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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