It was surprising to learn recently that the Barbados National Oil Company (BNOC) has a debt service reserve account (DSRA) with a balance of almost $35 million as at July 31, 2013. The surprise came not in the account itself but that BNOC is holding loans for some Government entities, including the embattled Transport Board. According to BNOC, “in order to provide for the payment of principal ...
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