FORMER PRIME MINISTER OWEN ARTHUR is questioning the ability of Chris Sinckler to be at the helm of the Ministry of Finance.
Sinckler was appointed to the post last October by late Prime Minister David Thompson just days before his death.
But in a searing rebuke yesterday during his feature address at a meeting of the Barbados Labour Party’s Women’s League at the party’s Roebuck Street, St Michael headquarters, Arthur said Sinckler’s policies, public “bombast” and “hot air” suggested he did not know what he was doing.
Stressing he had no brief for any banking institution, Arthur took issue with Sinckler’s criticisms of rates and fees being applied in that sector and statements that “Government was not in a position to tell the banks what to do and could only use moral suasion”.
He questioned whether Sinckler had approached and discussed anything with any bank in his capacity as Minister of Finance, especially against the background where Central Bank Governor Dr Delisle Worrell had reported that 11 per cent of loans in the banking system were non-performing.
Arthur noted if Sinckler was saying that he had to use moral suasion with the banks, he was basically telling Barbadians there was nothing within the law that he could do. But the St Peter MP stressed there was legal recourse to which Sinckler appeared oblivious.
He noted that under the Financial Institution Act 1997 Sinckler had the authority to take action other than to express his indignation.
Arthur said section 21 of the Act dealt with banking activities that were preventable.
Arthur explained that section 115 of the Act stated that “the minister” may make regulations generally for giving effect to the provisions of the Act.
“So the act says that the minister and the Government have the authority to say that this is a banking activity that you should not indulge in, or set limits on how they should indulge,” Arthur said, stressing the law gave the power to the Minister of Finance and not even to the Central Bank.
“We are in a mess. Because we have square pegs in round holes in this Government. You have a Government that has not settled, you have a Government that is a broken government . . . and you have people in positions of great influence who do not know what they are doing . . . ,” Arthur said.