OFFICIAL CLICO THREAD

[Wolfie]

Investor confidence will be destroyed no matter how much they try to down play the acquisition. It was already panicked by the global situation.

wonder what will be the effect on the uneducated masses...

confidence...

[eliteauto]

^^slick, you even considering the uneducated? I have educated, investment savvy clients who are in panic mode and whose phone calls are already creating runs on institutions what do you expect from the uneducated

[RASC]

so where does this leaves HCU, why there wasnt any intervention for them

They answered that question already...
The central bank doesn't control anything within HCU therefore-there is no vested interest by the gov't or the ppl of Trinidad and Tobago to prevent it from sinking.

Let it die is what I say.

When wholly private financials are about to die...LET them die!

The HCU does not fall under the ambit of the Central Bank from the regulatory position, thus they could not intervene

What he said--->Yeah thanks

[roadhog]

cib men to loose jobs

[RASC]

cib men to loose jobs

DUH

[eliteauto]

RASC, you gonna start the email? Or you waiting on a mass panic chain email to show up in yr inbox?

[W2J]

The Governor of central bank is being very bias and has no stones.

[tr1ad]

someone start d email nah

[eliteauto]

W2J, please explain

[RASC]

RASC, you gonna start the email? Or you waiting on a mass panic chain email to show up in yr inbox?

Nah I waiting for the N00b to post it up and flame the thread

[tr1ad]

ray u now ask dat question if clico bankrupt?

[RASC]

Oh gawd the reporter ask the governor:

Is CLICO Bankrupt...No really is CLICO bankrupt???

I bet you he on this forum

[SR]

yeah but its similar at the same time

please buy my non perfoming investments as i cannot afford to keep them running

so now they are no longer my headache

rbl is a non-performing investment?

have you looked at their share value over the last 5 years

[aR&D]

The Governor of central bank is being very bias and has no stones.

Elaborate please....

[AllTrac]

PNM?

[MG Man]

so............what does this mean for the RBL banner on 3NE2NR?
Duaaaaaaaaaaaane???????????

[eliteauto]

tr1ad, link a lil CMMB juzzy for me nah, that could become a collectors item

[RASC]

^^:? ^^

[aR&D]

so where does this leaves HCU, why there wasnt any intervention for them

They answered that question already...
The central bank doesn't control anything within HCU therefore-there is no vested interest by the gov't or the ppl of Trinidad and Tobago to prevent it from sinking.

Let it die is what I say.

When wholly private financials are about to die...LET them die!

The HCU does not fall under the ambit of the Central Bank from the regulatory position, thus they could not intervene

What he said--->Yeah thanks

Inaccurate.

[SR]

PNM?

was thinking the same thing



note the regular financial posters not around ....................like they at the press confernece too or wah

[djcase00]

^^^^^wayzzz.dat was low

[tr1ad]

tr1ad, link a lil CMMB juzzy for me nah, that could become a collectors item

dis is dey 9th year, wha edition yuh want

[Wolfie]

All their assets are 1/4 of T'dad's GDP

[eliteauto]

SR, WTF hoss

[RASC]

All their assets are 1/4 of T'dad's GDP

Second largest land owner in the country also.

[eliteauto]

tr1ad, jus bring thing nah man

[varung]

Central Bank Press Conference -- Governor Williams at Central Bank offices, 16th floor, Port of Spain, 12:25 pm

Governor Williams, Minister Teshiera. Lawrence Duprey, and Andre Montiel are at the Press Conference.

DUPREY: There has been Memo of understanding between GOVT, Central Bank, and several companies from CLICO group. The financial condition of CLICO these companies threaten shareholders and depositors and disruption to T&T's financial system if problems are not addressed now.
Duprey requested meeting and asked TT got to intervene -- purpose to preempt untoward action that would happen from depositors. These agreement would cure the problems and there would have been a crisis if action was not taken early. Congratulates and praised everyone involved.

GOVERNOR WILLIAMS: Praised everyone involved. Liquidity issues faced by CIB and CLICO. Sharp decline of methanol prices affected CLICO. Differences between CB and CLICO. Spoke of real estate and other problems here and abroad and current financial crisis throughout the world and how big and important CLICO is to this country. Quoted a few statistics - $TT 100 billion assets in 28 companies throughout the world in several sectors. Managed assets of over 25% of T&T's GDP.

OBJECTIVES
- provide money for withdrawals by CIB customers
- protect funds of depositors and shareholders of CIB

Central Bank will take control of CIB
Next week, all assets on books of CIB and CMMB will be transferred First Citizens Bank.

Liabilities will be matched by sales of CIB holdings
CB ready to provide short term liquudy to service all liabilities

CIB's banking license will be revoked

CLICO agreed to divest additional assets to fund this operation.

Govt committed to provide additional funding needed by CLICO
in exchange for collateral and equity interest in CLICO.

Govt action is designed to tell CIB depostors their funds are safe and maintian cofidence in CLICO. CLICO shareholder assured of long term future of CLICO.

Williams boasts of tremendous strength of financial system of T&T

Rest of banking system is safe and in good condition.

It is a difficult but manageable situation and praises all.

--------------------------------------------------------------------------------------------------------------

Reports of some depositors protesting outside CLICO's offices this morning.

CLICO owns over 50% of shares of Republic Bank

[inocrew]

Oh Gawd Another HCU.

[eliteauto]

^^Errr nope

[aR&D]

Well done Varung, you did not metioned however:

* Minister seen picking her nose and eating it with relish.....