BARP worry

The Barbados Association of Retired Persons Inc. (BARP) is worried about the future of almost $420 000 deposited with two troubled insurance businesses.President Ernest Batson said in an interview over the weekend that a $119 102 term deposit with CLICO International Life Insurance Ltd had matured but the company had informed BARP that it was not in a position to pay.There is also some uncertainty over BARP’s two term deposits totalling $300 000 with British American Insurance Company Limited because “British American is in the same position as CLICO”, Batson said.According to him, BARP has written CLICO, expressing the hope that the money would be handed over “sooner rather than later”.The two-year CLICO term deposit, which carries a 7.25 per cent interest rate, matured last June. BARP has two five-year deposits with British American, each carrying an 8.25 per cent interest rate.The $200 000 deposit will mature in September 2013, and the $100 000 deposit will mature in October the same year.BARP also has several one- and three-year term deposits with Consolidated Finance Company Limited.Batson said BARP planned several major capital works projects and some heavy funding was required.He listed among them a senior citizens’ village and rehab centre, a “home-away-from-home” for BARP members and a possible upgrade of BARP’s Collymore Rock headquarters.The status of the CLICO deposit was one of the issues raised during BARP’s annual general meeting held at the Lloyd Erskine Sandiford Centre last Saturday.Batson said reverse mortgages and the status of BARP’s Golden Health Plan were among the topics touched on at the meeting, attended by as many as 600 of BARP’s more than 24 000 members. (TY)