In the wake of the United States financial turbulence, Opposition Leader, Dr. D. Orlando Smith has called on government to take steps to introduce a programme that insures and protects the deposits of citizens.

The Opposition Leader in a statement said that while banks have given citizens and residents of the VI a sense of security, the seriousness of the international financial crisis must not be swept under the carpet.

“While our banks to date have shown all prudence in the management of their affairs and have consistently given us a sense of security in our dealings with them, nonetheless, given the global financial situation, the time is right to institute a programme that insures and protects the deposits of all our citizens and residents to a commensurate level,” Smith stated in a press release.

He added that other progressive countries of the Caribbean have already taken steps to safeguard deposits for their citizens and residents.

Dr. Smith said that last week’s decision by the US President and Congress, together with the more recent decision by several European leaders to shore up the global financial system has helped to restore a measure of confidence in the world economy.

“Besides these global initiatives, many other countries are taking steps to reassure depositors that they are looking after their best interests in a tangible manner,” Smith stated.

“I therefore consider it essential that the highest priority be given by our Government to put in place a programme to protect our deposits and savings in the banking institutions of this territory. I am ready and willing to support the requisite legislation to bring this into effect.”

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