…Heritage Bank’s Managing Director Explains

Steve Duncan

So what’s behind this crisis for pensioners early in the New Year? Well, there are only two things in banking that have changed significantly and recently – one is the loss of correspondent banking relationships and the other is the transition of First Caribbean to Heritage Bank. We asked Duncan if either, both, or none of those things are responsible for the missing pensions.

Steve Duncan, Managing Director, Heritage Bank

“I would think it is possible…and I don’t want to speculate but it is possible they both had a role to play. However I think the transition from First Caribbean to Heritage Bank…I don’t know if the banks abroad recognizing that First Caribbean is no longer in Belize changed how they used to do the transactions. And that is what we are trying to pick up the pieces to make sure it comes through smoothly. Even though there was a change from First Caribbean to Heritage Bank, there is no change in Scotiabank so at least it should have reached Scotiabank. So that is why I said I don’t want to speculate. As soon as we are able to clear up what caused it we’ll have a better understanding. In the case of the Barclays pensioners the transition did play a role. Barclays recognizing that First Caribbean is no longer in Belize decided to do something different than they did in the past. And I think it is that transition which prompted that one.”