House of Representatives


Private Motion: Bailout of the Hindu Credit Union

House of Representatives - 2nd Session - 9th Republican Parliament

WHEREAS the Minister of Finance in announcing the Government bailout of CL Financial clearly enunciated its commitment to ensure that depositors’ assets will not be at risk;

AND WHEREAS the government has now agreed to inject $5,000 million into CL Financial over the next two years to protect policyholders of CL Financial subsidiary CLICO and depositors of the failed wealth management firm CLICO Investment Bank;

AND WHEREAS the Hindu Credit Union consists of over 100,000 depositors many of whom are small investors who have invested their life savings in the Credit Union;

AND WHEREAS the total liability of the Hindu Credit Union is estimated to be in the vicinity of $776 million;

AND WHEREAS Trinidad and Tobago is currently experiencing symptoms of a recession with the resultant financial hardships on depositors who are unable to access their savings and investments in the Hindu Credit Union;

BE IT RESOLVED that this Honourable House call on the Government to take immediate steps to bailout the Hindu Credit Union so as to ensure that the deposits and investments of depositors and shareholders are totally protected from loss.

(By the Member for Couva North)

30 Oct 2009
House Debate - Day 1Hansard
4 speakersShow Speakers
1.Mr. Basdeo Panday [Couva North] [Leader of the Opposition]
2.The Honourable Karen Nunez-Tesheira [D’Abadie/O’Meara] [Minister of Finance]
3.Senator Vasant Bharath [St. Augustine] [Opposition Member]
4.The Honourable Rennie Dumas [Tobago East] [Minister of Labour and Small and Micro-Enterprise Development]
9 Dec 2009
House Debate - Day 2Hansard
3 speakersShow Speakers
1.The Honourable Rennie Dumas [Tobago East] [Minister of Labour and Small and Micro-Enterprise Development]
2. Dr. Roodal Moonilal [Oropouche East] [Opposition Member]
3.The Honourable Joseph Ross [Barataria/San Juan] [Minister of Tourism]