National

PM Calls Out Recent Bank Failures In United States

NASSAU, BAHAMAS – Prime Minister Philip Davis defending the country’s financial regulatory regime during the annual reception for the Caribbean Council at the House of Lords in London Wednesday.

Published

1 year ago

May 4, 2023

Our News

NASSAU, BAHAMAS – Prime Minister Philip Davis defending the country’s financial regulatory regime during the annual reception for the Caribbean Council at the House of Lords in London Wednesday.

The prime minister is in London for the coronation of King Charles III.

But during his keynote address the nation’s leader more or less calling out the United States for its criticisms of the country’s handling of the FTX implosion saying The Bahamas Securities Commission was able to put the now bankrupt FTX into liquidation ahead of its chapter 11 filing.

Davis telling the forum that the Securities Commission was able to secure assets of FTX which at the time had a value of 3.5 billion but he says U.S. debtors in the same chapter 11 filing questioned The Bahamian regulatory framework.

However, he said it was odd The Bahamas was being criticized, yet the same criticisms are not being levied against those national jurisdictions who are currently experiencing a number of bank failures.