Young warns political interference in banking sector could trigger economic crisis

Former prime minister Stuart Young has warned that political interference in Trinidad and Tobago's largest indigenous financial institution threatens public confidence in the banking system. Speaking at a political meeting, he questioned the departure of Republic Financial Holdings Ltd executive Richard Sammy and disputed claims of improved foreign exchange availability.

Former prime minister Stuart Young has alleged that political interference in Trinidad and Tobago’s largest indigenous financial institution could threaten confidence in the country’s banking system. Addressing a public meeting at City Hall in Port-of-Spain on Friday night, Young questioned the circumstances surrounding the departure of Republic Financial Holdings Ltd’s executive Richard Sammy and challenged government claims that foreign exchange availability has improved.

Young’s comments centered on Republic Financial Holdings following the announcement that Sammy had left the company by mutual agreement. Sammy had previously been identified as the successor to long-serving group president and chief executive Nigel Baptiste, with his tenure expected to begin on January 1, 2027. Referring to the departure, Young suggested the development warrants close public scrutiny.

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The former prime minister argued that confidence in the banking sector is critical to economic stability and warned against attempts to influence institutions for political purposes. He asserted that ordinary citizens and businesses continue to face difficulties obtaining foreign currency through commercial banks despite government assurances.

During the same event, People’s National Movement political leader Penelope Beckles emphasized party rebuilding and internal unity following the April 2025 general election defeat, as preparations intensify for local government elections. Former finance minister Colm Imbert also addressed supporters, raising concerns about what he described as a weakening of democratic institutions and the concentration of political power.

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