Earlier this month caretaker Finance Minister Mariska Gumbs asked Parliament to approve a revised Ennia Outline Agreement that she said would save St. Maarten 37 million Netherlands Antillean guilders or 30%. This concerns a “binding” accord between monetary union partners Curaçao and St. Maarten together with their joint Central Bank CBCS to safeguard pensions issued by the troubled company’s life insurance branch.
However, it was signed by the former government in Philipsburg without Parliament’s prior consent. The current minister has now attached an addendum stating that St. Maarten will only be paying on behalf of its own policyholders, not those in Bonaire, St. Eustatius, Saba and Suriname nor for Ennia’s operational expenses.
In addition, St. Maarten must receive priority in purchasing Ennia asset Mullet Bay, for which the court has ordered an independent value assessment. Coincidentally, an Annual General Shareholders’ Meeting of SunResorts Ltd. NV will discuss such a sale (see Monday newspaper) next week Thursday at CBCS.
The question remains whether Curaçao will accept these changes in what its own legislature has long adopted, especially should they affect its or the Central Bank’s part. After all, the original arrangement included figures based on certain figures and calculations.
Perhaps more importantly, without a definite agreement prior to October, St. Maarten has to pay a higher interest on Dutch loans. This reportedly translates to NAf. 9.5 million more this year and NAf. 12.6 million in 2025.
But if Curaçao and CBCS give their blessings there is no justifiable reason for the Netherlands to refuse following suit. The focus ought to be on a viable solution, not punishing St. Maarten.
