NATIONAL DEMOCRATIC Movement (NDM) president, Bruce Golding, has suggested a strategy to recover and write-off money owed by public officials to FINSAC and, at the same time, ensure impartiality and transparency.

In a news release yesterday, Mr. Golding said there should be full public disclosure of the current indebtedness of borrowers where the outstanding amount exceeds $5 million and suggested an across-the-board write-off of 50 per cent of the accrued interest.

The remaining interest, he said, should be capitalised and the loan rescheduled over 10 years at a rate of interest reflecting the cost of funds to FINSAC, plus five per cent to cover charges if there is collateral and evidence of the borrower's ability to meet his obligations.

Collateral

When the borrower's ability to repay is in doubt, Mr. Golding suggested that the existing collateral, excluding sole residences, be vested in the control of FINSAC at current market value to be sold on a timely basis and any remaining portion of indebtedness written off.

"Members of the Government who are delinquent debtors to FINSAC and whose decisions determine its policy direction are clearly in a conflict of interest. Members of the Opposition who are similarly indebted and whose fate rests in the hands of a Government-controlled FINSAC are clearly compromised," Mr. Golding said.