25th Sitting of the Senate

1st Session - 11th Republican Parliament

Thursday 7 July, 2016
1:30 PM
Announcements By The President/Vice-President
Leave of Absence

Leave of Absence was granted to Temporary Senator Gerald Ramdeen, who was replacing Sen. Daniel Solomon. Mr. Wayne Munro was appointed temporary senator in Mr. Ramdeen’s absence.

Oath Of Allegiance Of A New Member
Temporary Senator

Mr. Wayne Munro took his oath of allegiance.

Three Papers

Three Papers were laid in the name of the Minister of Finance. See Supplemental Order Paper for details.

Questions To Ministers: Oral Answer
One urgent question

One urgent question was posed and answered. See Order Paper for details.

Questions To Ministers: Oral Answer
Three Questions

Three questions qualified for oral answer. All questions were answered. See Order Paper for details.

Statements By Ministers
Resolution of CLICO

Hon. Colm Imbert, MP made a statement on the resolution of CLICO on behalf of the Cabinet. He noted that the CLICO Resolution plan is ongoing and as the Plan unfolds, further information will be made available on a regular basis. He indicated that the Government is hopeful at this stage that it can recover a significant amount of this sum, but this will depend on the success of the disposal of the remaining assets of CLICO and CIB, among other things. He confirmed that CLICO is still insolvent with an excess of liabilities over assets of the order of $1 billion, i.e. a deficit of $1 billion, and as a result the CBTT has indicated that it is not in a position to relinquish control of CLICO at this time.

Government Business: Bills Second Reading
The Finance (No. 2) Bill, 2016

The Minister of Finance moved the second reading of the Finance (No. 2) Bill 2016. Debate commenced on the Bill. Senator Wade Mark was first to enter the debate. The Bill was passed.

The Senate adjourned to a date to be fixed.

The Sitting concluded at 10:04 p.m. The Senate adjourned to a date to be fixed.