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In the US they did later in the form of Bail-outs, thanks to their equally heartless congressional cronies.

The US banks were encouraged/urged at the time by SEC Paulson to accept TARP funds to help stem panic in the gloomy financial days of late 2008. I beleive most if not all banks have repaid their loans in full, with interest, so "bailout" does not apply. The govt actually returned a sizable profit to the US Treasury.

The Obama administration did a true bailout for the auto industry, which just sold all of its investment for a $10 Billion loss. But of course, they also saved Detroit, LOL.

Notwithstanding, I am curious, are the local banks privately owned or State owned? And if they seem to routinely charge 23% interest, what level do they pay their depositors?

I get 6.00% interest on my savings account with Belize Bank.

me too at Atlantic Bank

[quote=3 beer story]The US banks were encouraged/urged at the time by SEC Paulson to accept TARP funds

I'll bet that really took some arm-twisting.

Yet now a non resident cannot get an interest bearing account according ot a neighbor...

Deleted - I think I misunderstood the post I was responding to

I am a non-resident but have had a bank account for many years. It took an "act of God" to get one but I have one. There is not much in it. Just enough.

However, I have to say I lack sympathy for persons who knowingly sign paperwork for loans or lines of credit and then complain. Business is business...you are not exempt if you are Belizean. I might be as a foreigner...but...you get the idea.

There are two issues here:

1) The Prime Minister got up in arms about the Super Bond at 8% interest. Belize will not pay he said yet he has no problem with the people of Belize paying upwards of 14% on mortgages and loans for business. It is not possible for the average person to get out of debt when they are paying those interest rates on relatively short term loans. It all seems so simply when you are signing the papers but in reality most have no idea what they are getting into.

2) In order to get the loans those people had to have their properties and business appraised and let me tell you that I have seen some of these appraisals and they are out to lunch. Thinking you are doing these people a favor by getting them more money when in reality it simply ensures their failure.

Over the past year or so we have seen these interest rates come down but I think there is still room to improve in this area.

I've talked to Belize Bank (and Atlantic)and they aren't offering anything close to 6%. I know it depends on term and amounts deposited but Belize Bank are quoting well south of 3% and Atlantic isn't far behind. Any suggestions for negotiating better rates? BTW - Loansum, I've PM'd you.