Manning: FCB/UTC merger proposal came from within FCB

Prime Minister Patrick Man-ning admitted yesterday that the suggestion that First Citizens Bank be merged with Unit Trust came from within FCB. He wouldn’t say exactly who in FCB made the proposal, but stressed that he did not perceive it as an attempt by the bank — which was born out of three failed institutions — to “piggy-back” on the more financially respectable UTC. He was speaking at a post-Cabinet news conference at Whitehall yesterday. And the Prime Minister lamented that people, in giving their views on the matter, were going to the extreme, insinuating that life in Trinidad and Tobago would somewhat come to an end if there were to be such a merger. Asked whether the response showed that people did not trust Government controlling their money, Manning said it was clearly a “throwback” from the last UNC administration. He said the reactions showed that there was “tremendous support in the national community for both institutions” — the FCB and UTC.

Told that the public didn’t seem to support the idea, judging from the responses thus far, Manning said the public had only heard one side of the story. “We (the Government) are examing both sides.  It may well be that having examined that issue we see angles to it that have not found their way into the public domain,” he said. He promised to make all aspects of the information public. On the legal side, he conceded that Government might have to amend the legislation before a merger could be effected. Stressing that Government had taken no decisions on the matter, Manning assured that Government would take the views of the public into account before arriving at its conclusion. Government’s considerations were being driven  to a large extent by a study in the Ministry of Finance by “those who are authorised to conduct a study of that nature,” he stated. He stressed, however, that Government at the same time, was “consulting widely.” Asked whether he thought that his announcement about a possible merger, which stirred considerable controversy, was untimely, Manning said he did not think so.