Sinckler Says It Is Time To Leverage The NIS Fund To Benefit Barbadians

Chris Sinckler, Minister of Finance

It is a sad day when our politicians should be ‘arguing’ about how to spend/invest NIS Funds. Both political parties have borrowed from the NIS Fund. What is in dispute concerns whether the government has been investing NIS Funds in a manner which will NOT compromise minimum yield expectations. Government’s defence to the charge has been that local banks are paying 2.5% on deposits and therefore it is cheaper for the government to use the fund to develop Barbados while paying the fund 7.5%. A win-win situation. Minister Sincker promised that ‘very soon’ he will be outlining how the NIS fund is to be used to develop Barbados.

BU links the rising debate of government’s use of NIS funds to a declining economic performance and the need to maintain public sector employment along with a high level of spend on social services. It is ironic that the debate in parliament today was about a vote for 30 million to prop up the Transport Board. It is a pity the debate was not about the need to make the Transport Board more efficient rather than government’s social obligation to finance public transport.

Barbadians are becoming more concerned by the day about how the NIS should be invested. In a period which leads into a general election, it is inevitable the issue will become immersed in political rhetoric. There is merit  to the suggestion by independents that the NIS Fund should be managed with a measure of separation from central government. Perhaps using the Central Bank as a model?

The importance of the NIS Fund to the financial well being of Barbadians should be reflected in national discourse. It is unfortunate former Chairman Tony Marshall has made the decision to be silent about the non renewal of his contract to serve on the NIS Board. Then again he probably has his personal battle to wage. Like Ronald Toppin and many others in senior roles at the Fair Training Commission for example who resigned without explanation, the secrecy continues. The people are the ones who are shafted in a system which promotes lack of transparency.

What sums it it for many is the fact that in 2012 up to date financials of the Fund remains outstanding. A problem which has straddled both administrations.

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No Comments on “Sinckler Says It Is Time To Leverage The NIS Fund To Benefit Barbadians”

  1. millertheanunnaki August 22, 2012 at 7:27 PM #

    @ Sittin Bull | August 22, 2012 at 7:12 PM

    What about your cousins with slant eyes from other large mainland? Kung fu man has largest foreign reserves in world, no? Now even own most treasury paper of your decimated ancestral home land stolen by pale skin. Chink cousin very smart. Exports many trinkets to Barbados through embassy here known as one-wayTrade Mission. Has to be careful that Mission don’t relocate to St. Lucia since Bim no longer has clout despite early recognition by Tom Adams of Chinaman economic and geopolitical potential.

    Like

  2. BAFBFP August 22, 2012 at 7:40 PM #

    Now now Miller … be velly careful …no?

    Like

  3. Sittin Bull August 22, 2012 at 7:48 PM #

    @ Miller
    Cousin Meow Lin just houseup like it or lump it and a rose by a different name down pack.Trade is one sided, cuz snarlin tiger cannot compete wid chinaman,not even with road tennis.Meow Lin way smarter than snarlin tiger,he keeps doors open for slant eye prisoners to come plant chinese cabbages and build buildings cheap in exchange for refuge. Can’t beat that with today’s prices. Better deal too than india cousin.

    Like

  4. BAFBFP August 22, 2012 at 7:52 PM #

    balance

    My God …! 1983 …!

    Like

  5. millertheanunnaki August 22, 2012 at 7:53 PM #

    @ BAFBFP | August 22, 2012 at 7:40 PM |

    Chinaman now number one in World. Got even the once mighty superpower in financial pocket. The same way you have both Dennis and Pat in your Brass tacks pockets eating from your productive and not servile hands. Velly impressive, yes?

    Like

  6. Sittin Bull August 22, 2012 at 8:01 PM #

    As long as Meow Lin remain conquistador by trade(only)…Oh great Bam regime will continue to play hidden tiger. The day Meow Lin over steps this balance and gets too big for her boots Bamsie, will read the riot act and wake up the Sioux ordnance…..

    Like

  7. millertheanunnaki August 22, 2012 at 8:27 PM #

    @ Sittin Bull | August 22, 2012 at 8:01 PM |

    Forget that great Bam regime no longer dominated by WASP. Descendants of conquistadors mixed wit Inca & Aztec growing in numerical, economic and political importance unlike African man who let pale skin food and drugs destroy him. Pale skin no breed sufficient to keep numbers up. Army very weak with pale skin losing control. Might want to start war with brothers in Europe against rest of world to protect Evil Roman Empire.

    Like

  8. BAFBFP August 22, 2012 at 8:54 PM #

    Miller

    Be velly velly careful …no?

    Like

  9. Enuff August 22, 2012 at 9:02 PM #

    @ Miller

    The only disappointment is that BAFBFP promoted HammieLa as an Independent MP extraordinaire, and there and then cast serious questions on his idea of independents ruling the parliament in Barbados.

    Like

  10. David August 22, 2012 at 9:10 PM #

    @enuff

    Perhaps Hammie used the flawed system as it is to represent his people.

    Like

  11. balance August 22, 2012 at 9:16 PM #

    My God …! 1983 …!The Holy Bible- still widely used as reference after thousands of years.

    Like

  12. David August 22, 2012 at 9:23 PM #

    Here is Hal Austin’s link referred to in the conversation above:

    http://bajan.wordpress.com/2012/07/19/notes-from-a-native-son-the-nis-who-is-killing-the-goose-that-lays-the-golden-egg/

    Like

  13. Hal Austin August 23, 2012 at 3:01 AM #

    One interesting development to come out of all this is that Mr Carrington was in charge of the NIS, which has been failing the auditor general’s audits for a number of years.
    Yet, in its wisdom, this government has appointed him to head the Financial Services Comission.
    Somebody is taking us for a ride. Mr Carrington should have been sacked ages ago.
    He is obviously a poor manager and incapable, to my mind, of holding a senior public sector management position..

    Like

  14. millertheanunnaki August 23, 2012 at 7:08 AM #

    @ Hal Austin | August 23, 2012 at 3:01 AM |

    What makes it even more appalling is that the man is supposed to be an accountant by training. What a tragedy! This is how serious the politicians see these important financial institutions and regulatory bodies. Put square pegs in round holes and sycophantic idiots at the top so that politicians can manipulate and abuse the system to their narrow political objectives.

    Why put a man with such a poor track record (He was once Supervisor of Insurance and with known political ties to a party accused of originally responsible for the lax regulatory environment leading to the CLICO ponzi scheme) in charge of such an important regulatory body? The FSC was touted as the surgeon needed to identify and root out policies and practices in the non-banking financial services sector that are anathema to the interest investors and which could lead to other CLICO type financial improprieties.
    Why not transfer him to some senior administrative position like special project Straughn or the PS in some ministry or head of some department where tax payers’ money or people’s savings and investments are not at risk of abuse or misappropriation by lying politicians and their pals like sam pooky greenverbs.

    “Them politicians laughing at we”!

    Like

  15. David August 23, 2012 at 7:12 AM #

    @Miller

    Now you are beginning that the solution to our problems is not in the politician but in the people taking a more active part in government.

    Like

  16. David August 23, 2012 at 7:18 AM #

    Another point, the technicians who manage the fund will feedback if they had invested the fund based on best practice a significant % of that investment would have been

    destroyed pot-2008.

    Like

  17. Caswell Franklyn August 23, 2012 at 7:22 AM #

    Oh Hal! You know the man. Right now he is in the process of trying to destroy the credit union movement.

    Recently, when a matter involving James Paul was reported to the Financial Services Commission and Carrington refused to take the appropriate action. Thankfully, when Paul’s behaviour was reported to the members of the credit union at the Annual General Meeting he was sent packing.

    By the way, Member of Parliament, James Paul was the president of COB. MP or no MP the members dealt with him for his conduct. Paul’s demise at COB should send a signal to his colleagues that the electorate is not willing to stand for bad behaviour from those that are elected to high office.

    Like

  18. David August 23, 2012 at 7:24 AM #

    @Caswell

    Can you tell us who are the members of the new COB Executive?

    Like

  19. millertheanunnaki August 23, 2012 at 7:53 AM #

    @ David | August 23, 2012 at 7:12 AM |

    I have never had any faith or place any confidence in politicians (except one, of course).
    I know them too well to be led down any political garden path, like ac.
    What I find puerile and politically immature is the constant bashing of a former leader and a party that the electorate has already punished and put out to pasture. The BLP is not in charge of the administration of affairs of this country. So, therefore, infelicities, protracted inertia in making decisions on problems of vitally urgent importance and poor judgments in policy options and allocation of human resources must be placed squarely on this present administration which promised so much but delivered so little. Please don’t use the alibi of the international economic recession for these shortcomings like appointing a misfit to head up the FSC or the failure to pass through Parliament the ten year in the making Cultural Industries Bill or the FoI and Integrity legislation last promised by Mr. “I” himself.
    BTW, David do you know what is the position on the Empire Theatre eyesore and rat breeding colony? Maybe the rats are putting on their own variety concerts mimicking what is taking place at the Ax Inquiry.

    Like

  20. balance August 23, 2012 at 7:55 AM #

    “He is obviously a poor manager and incapable, to my mind, of holding a senior public sector management position.”

    He is one of those who fits the bill alluded to in my post who have more than the requisite certification but are square pegs in round holes. Full of fluff but little substance having been catapulted to the top by virtue of an accounting qualification which is knocking dog now; but i think it would be a little harsh to lay all of the blame for the woes presently plaguing the National Insurance Scheme at his doorstep.The situation with the Financials date back to the imposition of the levies in 1982 which were immediately implemented out of Budgetary Proposals without all the relevant systems in place to capture the accounting transactions.What has been more disturbing under his watch is the undue delays sometimes over four years in having Tribunal matters settled.

    Like

  21. Hal Austin August 23, 2012 at 8:19 AM #

    I do not have a qualification fetish, but always find it rather interesting that most people from developing nations always put more emphasis on qualifications than ability.
    I know of one young Barbadian woman at university in the US had a job secure3d before she even graduated; another walked out of the LSE with a MA and straight in to a government job. She obviously failed because she lacked experience.
    An accountant’s qualification does not qualify one to be CEO of a national insurance fund, or indeed to head up a financial services regulatory. It takes more than that.
    Accountants are qualified to look at numbers in businesses, not to work in regulation.
    Who mentioned square pegs in round holes. Who interviewed Carrington for his positions? I think he is an impostor.

    Like

  22. Caswell Franklyn August 23, 2012 at 9:02 AM #

    David

    The members of the Executive of COB following the elections are:

    Board of Directors
    Lynette Holder – President
    Lindell Earle – Vice President
    Adlai Stevenson – Treasurer
    Christopher Oliver – Secretary
    Peter Earle – Director
    Eldridge Dixon – Director

    Supervisory Committee

    Bernard Thompson – Chairman
    Karene Harris – Vice Chairman
    Rhondda Walcott – Secretary
    Shawn Babb – Member
    CASWELL FRANKLYN – Member

    Credit Committee

    Glyne Pilgrim – Chairman
    Audley Grimes – Vice Chairman
    Celeste Foster – Secretary
    Cyrilene Wilkie – Member
    Maurice Mason – Member

    Like

  23. millertheanunnaki August 23, 2012 at 9:22 AM #

    Heard the Guv of the Central Bank in one of his propaganda speechifying exercises claiming that the rating agencies have it all wrong regarding the government accounting for its fiscal position.
    He argues that S&P’s claims of government still engaging in off balance sheet financing (borrowing) strategies with these creative accounting transactions not reflected in the reported fiscal position are all false and out of order. Well if the government fiscal accounts are a true and fair view of the country’s fiscal position the Governor needs to confirm that the following items have been brought to book:

    The Al Barrack liability. It is no longer contingent but established by the Court under the Laws of Barbados.

    The recent numerous loans from the NIS to government owned or funded agencies and institutions (e.g. the Transport Board, UWI) whether disbursed or committed.

    If these have been reflected in the fiscal accounting exercise then S&P is indeed out of place.

    Let us know, Guv! Given your track record of substituting officially established unemployment statistics with your own massaged numbers, one would not be surprised if the Al Barrack expanding debt is thoughtfully omitted for reasons best known to you.
    BTW, have you offered an apology to the BSS after being slapped down by the IMF?

    Like

  24. Sittin Bull August 23, 2012 at 9:42 AM #

    @ Caswell
    Now that is established…..when Sioux indian friendly send Sleepy Sparrow for big time loan for corn meal money to make dumplin for my people ..I hope Lynette doan present Big Chief wid no shite…..cuz it wud be dynamite…ah boy.lol

    Like

  25. millertheanunnaki August 23, 2012 at 10:24 AM #

    ANOTHER OF THE MANY SOS CALLS TO THE MINISTER OF AGRICULTURE & THE GOVERNMENT OF BARBADOS:

    Please take warning of the coming skyrocketing increases and possible shortages in imported foods and animal feeds.
    Instead of putting the NIS money in the leaky financial tank of the gas guzzling Transport Board and in an Ivory Tower UWI of expanding buildings PLEASE USE some of the NIS money to establish a fund to help the agricultural sector to retool and revamp to meet the challenges of the pending food crisis. After all, Carmetta Fraser’s motto still holds true today even more than ever:

    Like

  26. millertheanunnaki August 23, 2012 at 10:25 AM #

    @ millertheanunnaki | August 23, 2012 at 10:24 AM |
    Should read:
    After all, Carmetta Fraser’s motto still holds true today even more than ever:
    “FOOD COMES FIRST”.

    Like

  27. Piece Uh De Rock Yeah Right August 23, 2012 at 10:30 AM #

    First let me start by saying this submission is going to be deemed “sexist commentary” because of its content so i expect to be crucified by the female BU population.

    You testosterone brothers remember your first car? Remember tinkering with parts which you did not understand how they worked but because they were in you car, you wanted to touch and feel?

    Remember how the uninitiated, de fellows wid bicycles, in trying to keep up wid your popularity as the single fellow in your group of friends wid a car, used to join in the conversation and try to impress the girls by making inane comments like “de clutch of de Datsun in de middle?”

    Dis is how i liken Sinckler management of this NIS tingy, de fellow dat din had no car an wanting to gine de group.

    But you really can blame de fellow for trying a ting doah. The fact that the Ministry of Finance practicing a sophisticated Bingo game while chanting de words to the population “if you dont have a ticket you en got a chance” is only because the other fellows, de 14 other bicycle owners, who we give dem ministries, en got a clue bout a car neider.

    When has it ever happened in de history of Babadus that the Ministry which is tasked with managing the coffers of finance for Barbados, has to try a ting pun interest arbitrage?

    All dis “Sinckler lotto economics” just because the other forex earning ministries, led by the bicycle owners, de Ministry of Industry, dat for International Trade and de res uh dem.

    I reserve special mention for de greatest of the forex earning ministries run by dat spaced out looking fellow from de Ministry of Tourism, who elocution teacher tell he dat when he talking to de public dat he must fix he gaze at a spot two feet above de head of de tallest body in de room, to de right of all de people in de room, like if he pun drugs or sumting, (and to be trufful, de sh**e dat he does be talking does mek me tink dat he still smoking marijuana)

    The miracle of water being turned to wine seems to permeate the minds of all the Bajan electorate/populace.

    We seem to expect that because “GOD is a Bajan” that these sons of Barbados, by osmosis, will become “high science men”, in 5 years, balance de budget, using dese monkey economics, and mek we country become self sufficient overnight.

    All Hail, Mr. Sinckler or “Mr. Try-A-Ting” (and i en referring to dat young ting dat ..)

    Like

  28. islandgal246 August 23, 2012 at 1:36 PM #

    Websites to be forced to identify trolls under new measures

    http://www.bbc.com/news/technology-18408457

    Like

  29. A word to the wise, Minister Sinckler August 23, 2012 at 2:07 PM #

    The Government’s focus, in relation to offshore companies operating here, seems to be mainly on business development. More attention to matters of compliance is immediately needed, to avoid possible embarrassment. Your immediate actions should be to: establish a whistleblower hotline for employees within the industry, with appropriate protection for the employees, to facilitate tips regarding illicit transactions; and establish a program of compliance audits throughout the industry, to monitor the compliance, with applicable laws, of these companies on an ongoing basis. I trust that you will be guided by your wisdom.

    Like

  30. Wily Coyote August 23, 2012 at 7:28 PM #

    What the F_ _ K, Barbados UnderGround now editing posts. My previous post on this topic is no longer available, who got to The Underground DLP, BLP or has corruption come to the BLOG?

    Like

  31. David August 23, 2012 at 9:49 PM #

    @Willy Coyoite

    Do you mean this comment posted yesterday at 11.22? As you can see the comment remains; uncensored.

    http://bajan.wordpress.com/2012/08/21/sinckler-says-it-is-time-to-leverage-the-nis-fund-to-benefit-barbadians/comment-page-1/#comment-529976

    Like

  32. Wily Coyote August 24, 2012 at 10:33 AM #

    @David

    Original comments were posted Aug. 23rd have been removed.

    Like

  33. Wily Coyote August 24, 2012 at 10:34 AM #

    @ David

    The removed comments were posted Aug. 22.

    Like

  34. David August 24, 2012 at 10:40 AM #

    @Wily Coyote

    Your accusation is false. No comment has been removed by BU. Take your time and check the comments list.

    Like

  35. David August 24, 2012 at 11:54 AM #

    @Wily Coyote

    To repeat, BU has NOT deleted any comment.

    It is interesting to note that as we are discussing the financial haemorrhaging at the Transport Board (TB), approx $100 million dollars, the GM at the TB Sandra Forde was elected to the post of Treasurer of the DLP at the last Conference. Her experience at the TB may be seen as prepping her for the job. Interesting trivia for what it is worth :-).

    Like

  36. Prodigal Son August 24, 2012 at 5:32 PM #

    I would have thought that if one has such a high profile political job, one would refrain from taking a party position. That is alright once it is the Dems doing it. She was pictured in the newspaper at some party excursion sporting her DLP T-shirt, so to take a position is quite OK and that is said with sarcasm.

    And to boot, the Transport Board has gone way down under her leadership. Typical Dem. It is five months into the FY and the Transport Board is broke!

    Like

  37. David August 24, 2012 at 5:45 PM #

    @Wily

    Was looking forward to an apology, you still have not seen your comment for 22 August?

    May this link helps:

    http://bajan.wordpress.com/2012/08/21/sinckler-says-it-is-time-to-leverage-the-nis-fund-to-benefit-barbadians/comment-page-1/#comment-529976

    Like

  38. balance August 24, 2012 at 6:37 PM #

    “Who interviewed Carrington for his positions? I think he is an impostor.”
    MOST OF THE TIME SUCH PERSONS ARE HANDPICKED FOR POSITIONS AND INTERVIEWS ARE ONLY A MATTER OF WINDOW DRESSING TO FOOL THE UNSUSPECTING THAT PROCEDURES WERE FOLLOWED.

    Like

  39. Enuff August 24, 2012 at 9:52 PM #

    @ David
    Was she still in banking when appointed to manage TB? Is she also the Chairman’s close friend?

    Like

  40. 2dbone August 25, 2012 at 12:57 AM #

    Chris Sinckler has been a colossal failure from Day 1. Estwick did a much better job but because of egos the DLP is afraid to accept it. Chris is like a poodle, alot of mouth but very little action. On the other hand, The Pitbull is the Pitbull, rough talking and getting something done. Time longer than twine Estwick. tek it light.

    Like

  41. David August 25, 2012 at 1:38 AM #

    @enuff

    Let us accept that like the BLP partisans are usually appointed to these positions. Forde had retired from banking when she took up the position.

    Like

  42. Enuff August 25, 2012 at 8:12 AM #

    @ david

    At least OSA tried with his politics of inclusion….lol

    Like

  43. David August 25, 2012 at 9:42 AM #

    @enuff

    There was nothing wrong with Arthur reaching across the division for people who can contribute, it is done elsewhere. However in Barbados there is the view one must change stripes/colours to make a contribution. Many believe that Arthur’s politics of inclusion contributed to the DLP’s poor showing for many years.

    Like

  44. Wily Coyote August 25, 2012 at 12:46 PM #

    @ David

    I apologize, found my original comment in the “Older Comments” section.

    Like

  45. Enuff August 25, 2012 at 12:58 PM #

    @ David
    And the Dems’ politics of non-inclusion is now contributing to their poor showing for the last four years. Jepter Ince from Chairman of NIS to Senate making way for Sandra Forde who then left and went to the TB to be replaced by Tony Marshall replaced by Justin Robinson who is also Deputy Chair of Central Bank

    Like

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