The Bank of Saint Lucia (BOSL) is now shouldering the burden of a hefty $300 million dollars in bad loans.
However, the Government of St. Lucia has assured the general public that it is their responsibility to keep the bank buoyant.
Minister with in the Finance Ministry Dr. Ubaldus Raymond said the issue requires urgent attention.
The Senator said the government is currently exploring options in dealing with this issue so as to bring some normalcy to it.
“We are aware that there are many depositors at the bank and we want to ensure that depositors’ money is safe and the government is doing its best in ensuring that this is done,” he told the media.
Dr. Raymond has also put to rest rumours that have been circulating about BOSL being sold, explaining that there is no truth to it.
The government, he said, will remain a shareholder of the bank.