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Opposition Spokesman on Finance Julian Robinson
Opposition Spokesman on Finance Julian Robinson has signalled that the next People's National Party administration will be moving to end the longstanding practice of the majority of government funds being held by Scotiabank and National Commercial Bank.
Some $150 billion in public sector deposits is being held by these two major banks.
Mr. Robinson says some of these funds will be deposited in the smaller commercial banks in order to increase the level of competition in the sector and get the commercial banks to respond to the 100 basis points reduction in the BOJ's policy rate.
The shadow finance minister made his contribution to the Budget Debate in the House of Representatives on Thursday afternoon.
The country's eight commercial banks accumulated $1.83 trillion in deposits as at December 31 last year.
Of this amount, $78.16 billion was being held for central government; $2.87 billion for local government; and $68.25 billion for other government entities.
Deposits for individuals totalled $783.47 billion while $33.12 billion was being held for other corporate bodies. Deposits for individuals living overseas amounted to $118.29 billion.
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