There is blood in the streets and the hounds are sniffing.  A bank failed that was set up to help the Financial Services operatives to manoeuvre nimbly in the global financial environment.

Of course, the people of the Territory need and deserve answers, especially given that characters are being assassinated and the reputation of the jurisdiction is at stake.  

And, very often, the appearance of things and the things are not the same.

And those who have long been after us to destroy our Financial Services sector will point to the crash as added justification.

But when we consider the jobs that the sector provides and the revenue delivered to the Treasury, the future of BVI without Financial Services and, in the absence of another economic pillar, is bleak.

And BVI will not be able to count on anyone to assist her in such a crisis for none has, thus far, shown that level of interest.

It is partly why we have the tradition of protecting the sector regardless of the seating positions in the Honourable House.

But we have already seen that the pursuit of power leaves no holds barred.

So, while it may seem like open season on the government and those who manage our affairs, it is really open season on the people.

So, we cannot gloat.  This is a time to figure our way out with the least possible impacts to the Territory.

For if the aftermath of the crash spirals out of control, we all, literally, will pay the price.

As it stands, our Financial Services industry is under extreme pressure from the countries of the world that make up the Financial Actions Task Force (FATF).  And given the way the FATF works, it is possible that we will end up on its grey list.

If that happens, the Territory will be under greater scrutiny and increased monitoring to remedy a list of ‘deficiencies’ geared to bolster our anti money laundering and terrorist financing regime.

This may preclude some countries from investing here.  Certainly, ‘they would be urged to exercise great caution and all international transactions involving BVI will be treated as suspect and subject to added scrutiny and extra hurdles.’

‘BVI would probably lose some business from people who no longer want to be associated with a toxic jurisdiction or those who find the extra hurdles and increased scrutiny untenable.’

And we may be subject to international banking rules that slow the movement of money into and out of the jurisdiction.

That means that our ability to operate our international business will be further threatened.

So, the bigger picture and more urgent need is to focus on the sustainability of our financial services industry.

To protect our livelihood.

Nevertheless, there are other considerations.  We are made aware that the taxpayers, by extant policy, have been maintaining deposits in all the banks in the Territory including the one that failed.

Whatever the quantum, it is money we can ill afford to lose and we hope that our Chief Financial Officer, the Financial Secretary, will be able to tell us more about that.

Coming out of the COI, we wish that our business was better managed.  The jockeying for power amongst the 13 places the Territory at considerable risk and in the unfortunate position of being a pawn on the chess board.

There is no unity on the Opposition benches and suspicion and mistrust are in large supply.

Some Members seem not to know if they were consulted about the business of the group while others are determined, to depend on structures and norms that have already been washed away on the rising tide. 

The accusations of prevarication amongst Members run rife and the very integrity of the Members is called into question within their own ranks.  

The populace is disappointed and nauseous.

(And to think that for such a performance, the Greedy Bill assures the Members, a handsome payout.)

It does not speak well of us as a Territory and shows the casual onlookers that we have lost our way.  Dignity and honour must be restored in the Honourable House and confidence and respectability to the leadership.

Looking at the Order Paper for the current business of the House, there are 105 questions to be asked of the government.

The Leader of the Opposition alone has 22 questions but was eclipsed by the Member for the Eight District who has 40.  

The Member for the Second District requires answers to 23 questions while his other Alliance colleague will ask 17, bringing the number of questions asked by the Alliance to 62.  

The other half of the Opposition will ask 43 questions.

And there are up to two supplementary questions as follow-ups for each question asked.

And the genuine business of the people suffers while the members are performing in their concert.

The unintended consequence of all those questions is that senior civil servants spend a significant portion of their time answering questions instead of providing and improving services to the public.

It is an unfortunate misuse of human resources and a recipe geared to achieve very little.

The people are desperate for guidance and they wish to see BVI take its place, yet again, as a beacon of hope and an example to the world of a well-run ‘country’ where the rule of law prevails.

And where hubris gives way to humility.

On our Fridays, we go back to Plato:

“Only those who do not seek power are qualified to hold it.”

Happy Friday!