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Home News Local News PM Expresses Full Confidence In National Bank

PM Expresses Full Confidence In National Bank

by Clive Bacchus

St Kitts and Nevis (WINN): Prime Minister Dr. Timothy Harris is assuring the nation that there is no run on the St. Kitts Nevis National Bank.

“First time in its 50-year history there has been a cybersecurity of this magnitude. And the bank is working diligently and that is why the report today, for example, would have pointed to all those services that have been restored. The fact that no one has lost any money at the bank. The fact that they have started basically now to update every individual, every customer account. The fact that Mr. Speaker, in the management of this situation, the bank is not just relying on expertise over at National Bank, the bank is relying on professional advice, even in terms of what and how is to be communicated, …it is specialists in this particular arena that is vetting and drafting every communication that goes out because at some point in time there may be issues of litigation and liability.  And therefore the bank is speaking as it’s being advised by the best professionals available in this particular arena,” PM Harris said.

That bank has experienced disruption in its services due to what it described as an “IT Security Incident”, recently.

A press release on Thursday reported that National Bank was uploading all manual transactions to its systems and mobile apps and online services would be restored as soon as the process was completed.

The Bank assured the public that no money was stolen from the bank and credit cards were not impacted.

The following services were reportedly restored and fully operational: • ATMs • Wire Transfers • Point of Sale • Telephone • Debit Card Services • Emails

The Bank said it was committed to keeping customers informed of accurate, verified, and relevant updates, according to the press release.

Dr. Harris continued, “And the professionals who are coordinating are persons in the USA, persons who are in the United Kingdom, Mr. Speaker, insurers and all those people who have an interest in the integrity of the information that the bank produces. So the bank cannot on its own issue a statement because there may be implications somewhere down the road when the dust is settled for its insurers so it’s a team of expert people that are managing. Up to yesterday evening, I had conversation with the regulator, the Currency Union, the ECCB, they are involved they are informed, I asked the Governor point blank do you wish at the political level that I should say something on the matter? He told me no, not at this time, enough has been said already. The customer’s deposits the bank is assured is protected, there is no run on the bank. In fact, we have had more deposits than withdrawals during this period.”

The St Kitts Nevis National Bank’s offices will remain open until 5 pm today Friday (February 19)

 

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