Central Bank liquidity scheme
We have read with alarm the steps that will be taken with regard to “Troubled Finance Houses” and are at a loss to understand how the proposed scheme would help us Senior Citizens who have deposited our savings in such Finance Houses – registered or not registered as in the case of Golden Key.
It is said that, besides requesting shareholders of the troubled licensed finance companies to infuse fresh capital or invite a strategic investor to make an investment, the Central Bank (CB) may also direct depositors to convert a part of their deposits to shares. I would like to point out to the Governor of the CB that we deposited our savings in order to get a monthly income for our daily needs and converting part of our deposits to shares will take us nowhere. What would be the benefit if a Senior Citizen receives a “piece of paper for “X” amount of shares?
We therefore appeal that this aspect should be dropped even in the case of Golden Key and our monies given back even in small sums. Over to you Mr. Governor.
Troubled Depositor
Malabe.