ADB/UTC get record deposits

Caroni workers who recently received their VSEP payments made history this week collectively depositing more than $40 million to the Agricultural Development Bank (ADB) and the Unit Trust Corporation (UTC) in exchange for the offer of no-payback loans plus capital gains.

On Monday alone, the ADB recorded more than $12 million in deposits, which according to bank representatives, is the largest single volume of deposits for any one day in the history of the financial institution. The UTC itself took in $8 million in VSEP cheques from Caroni workers on Monday, also a record for the Corporation. More than one billion dollars is being paid out by Government to Caroni workers as it attempts to rationalise the operations of Caroni and relieve the debt facing the company. Tuesday saw a repeat of the previous day with ADB and UTC offices throughout the country being overrun with large crowds packing the halls and depositing another $20 million. The demand has been so great that both the ADB and the UTC have proposed to open their offices from 8 am to noon on Saturday. This will also be a first for both institutions.

Chairman of the ADB as well as the UTC, Hubert Alleyne, noted that this unique programme of no-payback loans, as well as capital gains of VSEP earnings deposited with either institution, was devised to help the workers make the most productive use of their VSEP. He explained that the $1 billion payout by the State was the largest ever severance payment in the history of the country. Alleyne noted further that as loans will be repaid in approximately six years on an interest rate of eight percent per annum, net gains are projected for transactions.