Finance

Ready to Collect, Premier’s Office Announces Tranche #2 of Citizen’s Inflation Adjustment Stimulus

Published

1 year ago

December 21, 2022

#TurksandCaicos, December 21, 2022 – The Turks and Caicos Islands Government wishes to announce that the second batch of payments for Tranche No. 2 of the Citizens Inflation Adjustment Stimulus, will be available for collection at the Treasury on Grand Turk and Sub-Treasuries in the other islands commencing, Wednesday, 21st December, 2022 at 10:00a.m.

Applicants should appear at the treasury/sub-treasury on the island associated with their permanent address to collect the cheque.

Approved Turks & Caicos Islander Status Card Holders and British Overseas Territory Citizens (BOTCs) will be required to provide the following when collecting a cheque:

A valid Turks & Caicos Islands Government issued photo identification (e.g., Driver’s Licence, NIB Card, NHIP card, BOTC passport or a TCI Status Card);
A copy of their stimulus application number (a list of approved applications can be obtained from www.gov.tc); and
A ticketed travel itinerary; for those traveling abroad within two (2) days of the date of collection.

If the beneficiary is disabled or otherwise confined to his/her home (in Turks & Caicos Islands), the Treasury will be providing a cheque delivery service to the applicant’s home; however, rendering of the service may be delayed due to resource constraints during this time of the year. To receive this service, approved applicants are asked to make a written request, for the delivery of the cheque to tciassistance@gov.tc.

Please supply the applicant’s stimulus application number, telephone contact and home address.

Approved applicants are reminded that cheques will not be assigned to banks or released to anyone other than the approved applicant.

For those whose names do not appear on the lists for Batches 1 & 2, applications continue to be vetted for approval and an announcement will be made as each batch is ready for collection.

For those whose applications that remain outstanding, please note that in supplying the required information:

utility bills are to be certified by a Justice of the Peace.
when supplying an affidavit to confirm living status in the TCI, the Justice of the Peace must explicitly confirm that he/she knows the applicant, that applicant has appeared before him/her and that applicant is living in the TCI.
passports that have expired dates earlier than 31st March, 2020 will not be accepted as a valid identification for the purpose of processing this benefit.
students attending colleges within the TCI may request a letter from the institution to confirm that they are living in the TCI.

Cheques will be available for collection for six (6) months from the date of printing; after which all cheques will be cancelled.

The list of approved applicants can be obtained from www.gov.tc.

Cheques are available to only those persons appearing on the lists.

The public is reminded that the Tranche No. 2 only covers eligible persons, who did not receive a benefit in the preapproved distribution in August 2022.

Finance

SCOTIABANK TURKS & CAICOS SECURES 4TH WIN AS BEST BANK

Published

6 days ago

May 2, 2024

Deandrea Hamilton

#TurksandCaicos, May 2, 2024 – For the fourth consecutive year, Scotiabank Turks & Caicos has secured the ‘Best Bank’ award from renowned North American finance magazine, Global Finance.

The award celebrates banks that demonstrate strength of strategy for attracting and servicing digital customers, success in onboarding clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and website and mobile app design and functionality.

Dr. Suzan Snaggs-Wilson, Managing Director for Scotiabank Turks & Caicos said the bank continues to make significant investments in its digital infrastructure to satisfy its customers’ needs. She further lauded her team’s commitment to the bank’s digital transformation, noting that their encouragement among customers solidified the strong adaptation witnessed.

“At Scotiabank, we remain committed to proactively assessing and working to meet the needs of our customers through accessible and easy-to-use banking solutions that enhance their experience. This award underscores our strategic commitment to advancing accessibility and convenience across our services, and we take great pride in being honored with the esteemed Best Bank award for the fourth time running,” she said.

Dr. Snaggs-Wilson also highlighted the Bank’s convenient and customer-focused approach to banking positively impacted its client interactions and satisfaction.

The annual World’s Best Bank award selects the top performers among banks and other providers of financial services and has become a trusted standard of excellence for the global financial community. The magazine recognized 28 banks in Latin America and the Caribbean in this year’s 31st announcement.

Scotiabank Turks & Caicos joins its regional counterparts in Barbados, Jamaica, Trinidad & Tobago, and The Bahamas, in receiving the award.

Caribbean News

RBC appoints new Head of Caribbean Banking

Published

2 weeks ago

April 24, 2024

Shanieka

NASSAU, April 21, 2024 – RBC Financial (Caribbean) Limited, (“RBC”) has appointed Chris Duggan, a native of the Cayman Islands, as Senior Vice President and Head of RBC Caribbean Banking, effective April 1, 2024. He succeeds Chris Ronald, who has been leading the bank’s operations in the Caribbean for the last 2.5 years and has recently returned to Canada as Regional President, Atlantic Provinces at RBC.

Duggan, who is based in Nassau, The Bahamas, is taking on responsibilities as Head of RBC Caribbean Banking to carry out the bank’s strategic direction and manage the overall business strategy and vision across the Caribbean region. He has a career spanning more than two decades in the financial industry across both the United States and the Caribbean.

Most recently, he was the Cayman Islands Government Representative to North America, in Washington DC, primarily focussed on financial services. Prior to his tenure for the Cayman Islands Government, he served as a senior executive at DART Family Office and Butterfield Bank.

RBC’s Executive Vice President, Personal Financing Products, Erica Nielsen said “We’re delighted to welcome Chris to RBC. Born and raised in the Caribbean, Chris has a deep understanding of the regional financial landscape and a passion for representing the culture. He is highly driven, outcome focused, and passionate about building trusted relationships with clients, communities, and employees. His appointment demonstrates our continued commitment to the region. I am confident that under Chris’ leadership, Caribbean Banking will continue to grow and serve our clients and communities.”

As an active member of the communities where he lives and works, he has held leadership roles on the boards of numerous charitable organizations over the years. Duggan was awarded the Queen’s Certificate and Badge of Honour in recognition of his outstanding service to the Cayman Islands community during the COVID-19 Pandemic.

Finance

Largest ever Nat’l Budget to end on $436 million

Published

1 month ago

April 8, 2024

Shanieka

Dana Malcolm

Staff Writer

After two increases the Turks and Caicos budget is expected to end the financial year with expenditure below $440 million according to Washington Misick, TCI Premier and Finance Minister.

Misick tabled the fourth and final Supplementary Appropriations Bill in the House of Assembly on March 21 and the debate began on March 24. With that Bill the premier sought to reduce the budget from $442 million to $436.29 million.

The budget had increased rapidly in the earlier quarters of the fiscal period, then it sunk.

The initial budget earmarked $424.3 million for the year with the expectation that the year would end in a deficit. But during the first supplementary appropriations bill in September 2023 that was raised by $13.4 million bringing it to a grand total of $437.6 million.

That extra money was to be used for the following:

$4.2 million for community development, including road improvement and more.
$1.4 million for a Community Centre in Bottle Creek
$450,000 on the long-awaited refurbishment of the sports field in South Caicos.
$1.4million for consultancies
$1 million on repatriation
$1 million to Social Programs
$1.8 million to InterHealth Canada
A $500,000 injection to the country’s Climate Resilience Coastal Protection Study
$851,000 for software and consultancy to get the Turks and Caicos off the EU blacklist
$2 million for the cleaning of government agencies

Then during the second appropriations bill total expenditure was pushed further to $443.4 million increasing the planned deficit to $25.6 million, which would have been funded from cash reserves. That money was to be used for:

An $800,000 investment in a reverse osmosis plant in Grand Turk;
An $800,000 allocation for the renovation of the Bambarra Beach Vendors Market;
A $600,000 check for the Boundary Commission and claims against the government;
An allocation of $800,000 for community enhancement and environmental sustainability;
$410,000 for Educational investment (furniture and equipment for schools);
$276,000 for Law enforcement resources (additional police vehicles);
$250,000 for National Security improvements (the hiring of a strategic lead) and;
$180,000 for Maritime security enhancement (the purchase of a 3rd sea patrol vessel

By the third supplementary in February, $1.07 million was shaved off the budget and money reallocated from some projects to fund others. Here’s what those reallocations should have looked like:

$9.5 million to acquire land and settle an ongoing claim against the government.
$7 million as seed funding for a Mortgage Corporation.
$300,000 to rollout e-Government projects for the Ministry of Finance and the Ministry of Home Affairs.
$800,000 for Miscellaneous adjustments for other Supplies, Materials and Equipment – Governor’s Office, Civil Servant Week and allocation to support the ongoing pay and regrading exercise and productivity audit.

That brought the country to its final and most recent (4th) supplementary tabled by Misick on the 21st of March. Despite an expected deficit of about $18.4 million from projected income of $417.8 million, the country could end the year in a surplus as the economy has outperformed income estimates and the government continues to underspend.