Finance minister Washington Misick has taken issue with a report by international economist Steve Pollard that gives little hope for a rebounding TCI economy.
Misick has also taken issue with the Pollard report not including any Caribbean bank within the top 50 banks of the world. Misick said that he will have to face the reality that the perceptions created by the report, while in his opinion flawed, are a reality he has to live with.
Finance Minister Washington Misick
“Personally I don't like the rating the TCI has been given,” said Misick, who was questioned during a conference on reforming the relations between the business community and the TCI government.
The European Union has offered a $15 million payment to prop up the Turks and Caicos government budget if the business climate of the TCI can be seriously improved.
Misick himself headed the privately owned TCI Bank as the chairman of the board of directors, which collapsed in April 2010, taking down with it the savings and liquid assets of 4,000 depositors and $23.5 million of the national insurance trust fund.
Misick headed the bank from its start up three years prior, in early 2007, shortly after his brother and former premier Michael Misick won re-election in a landslide victory. It was Trevor Cooke, now national chairman of Misick's Progressive National Party (PNP) who headed the National Insurance Board which decided to buy corporate stock and deposit millions to help capitalise Misick's ill-fated TCI Bank.
Misick also heads the Alexandria Resort, which now lingers in receivership, and the real estate firm Prestigious Properties, which has suffered a serious downsizing as a result of the diminishing prospects for growth coming out of the six years of his brother Michael’s administration and three years of British-managed Interim government.