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“Steps were taken by the NIB in December to assist the Bank with much needed financial support, including pressing at the bank’s AGM in January this year for a change of board leadership and supporting steps to seek an additional significant investment of funds,” they said in their statement.

According to the NIB, representatives from NIB have been working with NIB’s investment Committee “to ensure implementation of a wide ranging and systematic programme of improvements designed to comply with the recommendations of the Bank’s Auditors, the FSC and Merchant Bank consultants, retained by the Bank, that were designed to place the bank on a more sustainable path toward continued growth and development,” since January. Regrettably, they said, that included making some very difficult but necessary decisions to reduce the operating costs of the Bank, strengthening its management and operational practices and procedures and addressing certain critical issues relating to the Bank’s deteriorating non-performing loans portfolio.

The board says while those efforts were already beginning to show encouraging signs, the NIB’s representatives on the Bank’s Board had advised that the Bank’s non-performing loans portfolio had continued to decline and that some of its large depositors had, for whatever reason, decided to withdraw their funds on deposit with the bank. “It is understood that the number non performing loans and scale of withdrawals was severely undermining the bank's liquidity and had this trend continued indefinitely it is likely that a complete failure of the bank would have significant adverse consequences for remaining depositors.”

The NIB also commented on their disappointment that at the time the Order for the provisional liquidation was made the NIB and major institutional shareholders were in active negotiations with a potential foreign investor introduced by the Bank’s consultant which, if successful, could quite possibly have resulted in an immediate injection of much needed capital to help strengthen the bank. “Although discussions were not yet concluded, there appear to have been at an advance stage,” they said.

While the NIB regrets the Bank’s current troubles, it said it was proud to support the institution over the years as it provided a real opportunity for the people of this country to participate in something that had great promise.

The NIB says it remains even more resolute than ever to do everything possible to safeguard the future security of our stakeholders and therefore continues to cooperate with the provisional liquidators and the FSC to see if it is possible to save the bank from complete closure.

Although they recognize it will not be an easy task, it is the NIB’s hope that a satisfactory arrangement to save the Bank is still possible. In the meantime, the NIB is encouraging the Provisional Liquidators to keep the public properly informed of their rights and remedies and the steps being taken to protect depositors interest as far as possible.

The NIB is also appealing to all depositors to remain calm and be patient while the provisional liquidators “do their best to restore some semblance of order and help us all cope with this most untenable situation particularly during this difficult period.”

Customers and shareholders affected by the closure can contact the liquidators at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or 649-941-7500. For more information, visit the Web site www.tcibpliquidation.com.