NASSAU, BAHAMAS – Opposition Leader Michael Pintard says that plans to reform the Post Office Savings Bank would not result in any job losses, while citing the Auditor General’s warnings about the institution’s long-standing operational failures.
“To be clear: No proposal the FNM makes or has made under my leadership will leave hard-working Bahamians out of a job. Any suggestion otherwise is fear mongering,” Pintard said in a statement. He noted that, under sworn testimony before the Public Accounts Committee, the Auditors General, past and present, highlighted significant operational failures at the Post Office Savings Bank, including financial statements left incomplete for years, depositors able to withdraw more than their actual balances, and reconciliations so deficient that the institution cannot even determine what it owes or is owed.
Pintard said the FNM’s proposals are focused on modernizing banking services while protecting employees.He explained that his plan aims to bring modern, fully regulated banking to the Family Islands by expanding full-service financial institutions and requiring commercial banks to maintain a meaningful local presence, supported with tax credits where needed. The plan, he noted, also seeks to empower communities through fintech solutions and properly regulated, community-owned credit unions that can operate in existing public buildings without losing current benefits. Once this infrastructure is in place, the outdated Post Office banking system will be phased out following a full reconciliation of all financial issues to ensure transparency for depositors and Parliament. Meanwhile, the Post Office itself will be modernized into a logistics and distribution hub to help Family Island entrepreneurs reach regional and global markets, generate new revenue, and secure a sustainable future for the institution.
Earlier in the day, Prime Minister Philip Davis, during his contribution to the debate on the Resolution Concerning the Purchase of Grand Bahama Power Company, accused Opposition Leader Michael Pintard of proposing to abolish the Post Office Savings Bank and putting jobs at risk. “Abolish it. Just like that,” the Prime Minister said, warning that such a move could affect more than 35,000 clients, 98 Family Island employees, and a wider postal workforce of 256. He questioned how Pintard would protect staff and ensure depositor funds, asking, “Which bank will match the 5 percent interest rate currently offered?”
