(Trinidad Express) The Central Bank is ready with the bonds for CLICO depositors, Finance Minister Winston Dookeran said on Wednesday.
“The exact date (they would be issuing them), they would let me know any day now,” he said, adding that he got the assurance it would be done shortly.
CLICO investors would have many options—cash, bonds and shares, Dookeran said. He was speaking to reporters at his Ministry of Finance office in Port of Spain.
Dookeran said Government would set up a trust similar to National Enterprises Ltd operations. He said the shares of Republic Bank Ltd would be placed into that trust, and the units of that trust would be made available to CLICO depositors (with investments of over $75,000).
He said they can exchange their bonds for these units, but they didn’t have to.
“And even when they exchange it for units, they can market and trade that unit and convert it into cash in the stock market,” he said.
He said the trust legislation would take a little while—“some months”—to finalise.
On the issue of confidence, Dookeran said he believed the confidence issue was almost an excuse for inaction. Stating there was a challenge facing the private sector, he said: “The private sector must not come to Government to say, ‘I want more tax incentives, I want this and that.’ Those days are past.