Dookeran ready for dialogue on CLICO deal

Finance Minister Winston Dookeran stated in the Senate Monday that he is ready to talk with senior citizens, credit unions, trade unionists, bankers and other stakeholders on the Government’s plan to resolve the billion-dollar Clico/CL financial issue.

He made the same offer last week when he closed the debate on the People's Partnership's first budget and repeated it when he spoke on the debate in the Senate.

The Finance Minister said he would also hold talks with other stakeholders, including Clico workers and bankers.

Dookeran said he is responding to public concerns the proposed model to deal with the problem.

He again spoke of the three options from which he chose what he considered then most viable:

• Close down the company’s operation
• meet all the requirements now
• pay a maximum $75,000 to all depositors initially and complete payments over a 20-year period

Dookeran said the Government chose the third option because it was the “least costly” and “fiscally responsible.”

He said his ministry is looking closely at the concerns of senior citizens who have invested in Clico. “I think we need to look at that matter at this stage based on the discussions in the other House and discussions with others we would look into that matter,” Dookeran added.

“We have agreed that we will look at the special situation with respect to the credit union and have started to have discussions with the groups at this point in time. We’ll continue those discussions,” he told Senators.

Dookeran noted that “the model that we have put forward clearly supports the principle of fiscal responsibility" adding that it provides "maximum welfare support that is required in these circumstances.”

With respect to the 20-year, no interest bond for investments over $75,000, the minister said persons can redeem the bonds early as a basis for further investment on their own.