(Barbados Nation)  – A local mortgage company seems set to take over the operations of CLICO Mortgage Finance Company.
And four more bids have been made to the Oversight Committee in relation to the other operations of CLICO Barbados Ltd.
Prime Minister David Thompson disclosed yesterday that a “serious offer was on the table” which would see the absorption of CLICO‘s mortgage’s portfolio into another mortgage company here.

He made the announcement in the House of Assembly as he introduced the Financial Institutions (Amendment) Bill 2009 to widen the definition of “banking business” and related matters.

The Prime Minister said the Oversight Committee, which was set up by Government to supervise the sales and major expenditures of CLICO Holdings’ financial subsidiaries, had accepted bids.
“It is attractive enough to get bids,” he said, pointing out that Bahamas had followed the Barbados model and was also selling CLICO‘s operations there.

He reiterated that CLICO had not been put under judicial management.
“If there was ever a time that CLICO should have been put under judicial management, it was in 2004 when the deficit in the statutory fund was first discovered,” he suggested.

He charged that only one country in the Caribbean (Guyana) had put CLICO under judicial management, pointing out that it resulted in dire consequences.

Thompson further explained that Trinidad and Tobago had not placed their CLICO operations under judicial management, but had signed a Memorandum of Understanding.

“People lost their jobs in Trinidad, but in Barbados not a single job has been lost – the business is still operating and all claims have been honoured.