Good move BNS, what's next?
The Editor, Sir:
I read with happiness the lead article in the Financial Gleaner of Friday, January 29, where the Bank of Nova Scotia had lent some J$1.8 billion to GraceKennedy at the amazingly low interest rate of 13.5 per cent.
Scotiabank is to be commended for lending to the private sector at what could be termed an extremely low rate of interest, and I hope that this will have an effect on all the other financial institutions regarding their lending rates.
I trust that this was not some special kind of loan because of the borrower is, and that this facility will be available to all and sundry.
I would also add that in the same way that banks are reducing their interest charges, they should also reduce some of their fees.
I am, etc.,
Chief Executive Officer