Audley Shaw concerned about NHT finances
Opposition spokesman on finance, Audley Shaw has painted a dim picture of the financial health of the National Housing Trust (NHT).
Speaking in the House of Representatives yesterday, Shaw said he is concerned the Annual Report and Financial Statements for fiscal year 2013/2014 is yet to be tabled following last year’s massive drawdown of $11.4 billion from the Trust by the Government.
He notes that the report has not come to the parliament although draft financial statements were presented to the Board of the NHT in May.
However, Shaw says based on information available, the NHT seems to now be totally dependent on contributions to fulfill its mandate.
Shaw explains that the total assets of the NHT at March 31, 2014 stood at $206.3 Billion.
He says when the illiquid long-term mortgage assets are deducted, the NHT has only $40 billion in remaining assets, which is less than the more than $45 billion required by the Government over the next four years.
Shaw says to pay the $11.4 billion to the Government last year, the Minister of Finance required the NHT to sell one third of its investment securities which has left it at just $14.8 billion in March 2014.
He says this had to be done because the NHT was unable to secure enough cash from its current operating cash flow.
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