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Hyman weighs in on NHT drawdown
2013-02-22 15:26:40 | (0 Comments)
Monique Grange, Assistant News Editor
The Gleaner/Power 106 News Centre
Financial Analyst Ralston Hyman has taken issue with statements by Chairman of the National Housing Trust (NHT), Easton Douglas regarding the Government’s draw down of $44 billion from the agency.
Yesterday, the NHT Chairman told journalists that no detailed analysis has been done to ascertain how the draw down will affect the agency’s finances at the end of the stipulated four-year period in which money will be taken from the Trust.
Hyman is questioning on what basis was the decision taken to allow the Government to access contributors' funds, if an analysis has not yet been done.
He has described the decision as extremely sloppy.
Yesterday, the NHT Chairman explained that the Trust is in a position to provide the $11 billion for the first two years.
He also expressed confidence that the NHT would more than likely be able to supply that amount for another two years based on the agency’s historical trends.
Hyman says it is obvious that the Trust has not been very rigorous in making decisions pertaining to issues of great national importance.
In the meantime, Financial Consultant Aubyn Hill says he is surprised that an institution the size of the NHT does not have the resources and the numbers available to quickly calculate and determine the impact of the $44 billion withdrawal from its coffers.
He says the Government must move to regularise by legislation or regulations it’s actions so that whatever it does is in accordance with the law.
Debate has been raging about the legality of the Government’s plans to take funds from the NHT.
However, government officials and the NHT Chairman have been insisting that the move is legal.
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Source: The Gleaner/Power 106 News
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