FILE - In this Friday, Aug. 3, 2012 file photo people walk by a branch of Royal Bank of Scotland (RBS) in the City of London. U.S. and U.K. authorities fined the Royal Bank of Scotland more than $610 million Wednesday for its role in the manipulation of a key global interest rate — with the bank pledging to make the rate-riggers and their managers foot the bill. (AP Photo/Sang Tan, File)
St Vincent depositors urged not to panic
Published: 12:00:33 AM, Fri 08 February 2013 UTC
KINGSTOWN, St. Vincent (AP) — The financial regulator of St. Vincent & the Grenadines is urging depositors not to panic and close accounts at a 72-year-old building and loan association that authorities took control of last week.
The Financial Services Authority assumed management of the Caribbean islands' leading provider of local home loans Friday. On Thursday, regulators appealed for "calm and reasoned judgment" to avoid a run on the St. Vincent Building & Loan by jittery investors.
Officials say their top goal in taking over the local institution is to protect the interests of depositors and safeguard its financial stability.
Authority chairman Leon Snagg says regulators want to assure depositors that the loan association is in "good and competent hands." He says the takeover is temporary.
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