Sale Of CLICO Mortgage Company Approved

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Prime Minister David Thompson, addressing the local press corps??during his??quarterly press conference??at Ilaro Court. (Image: Antonio Miller)

The sale of CLICO Mortgage and Finance Corporation to the Barbados Public Workers’ Cooperative Credit Union has been approved.

Prime Minister David Thompson announced last Thursday during his first quarterly press conference for 2010 that he had consented to the sale that same day.

He also revealed that negotiations for the sale of the general company were still ongoing. "I get the impression myself, that the parent company and its new configuration have come to the conclusion that CLICO in Barbados is not in as bad a condition as the other operations … that maybe this is an asset that we should try to save, which would be consistent with how we felt it should be done, because it is a good asset…" Mr. Thompson observed.

He admitted that the Barbados operation had some challenges, but noted that government did not have to give it any direct assistance. The Prime Minister said that he was determined to have the issues related to CLICO resolved, because "it employs construction workers, a large number of Barbadians, and policy holders have to be protected.

"It has not been a threat to our financial system so far, and I have every confidence that if the approaches that we have identified for CLICO are pursued, it will not be a threat," Mr. Thompson maintained.??

gapplewhaite@barbados.gov.bb??

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