In an article headlined 'State entities $44B in Debt', which was published in the Trinidad Guardian newspaper on Saturday, November 11, 2017, reference was made to Trinidad and Tobago Mortgage Finance Company Limited (TTMF), as a state enterprise, is $5.5 billion in debt. This information is incorrect and the following is provided in the interest of accuracy.
As reported in TTMF's Audited Financial Statements as at December 31, 2016, short and long term debt amounts to $2.677Bn contrary to what was reported. As at September 30, 2017, debt has declined marginally to $2.657Bn. As a mortgage company, TTMF is not a licensed deposit-taking institution and relies on debt financing to fund its lending.
TTMF is an active participant in the local capital market and is a registered Reporting Issuer with the Trinidad and Tobago Securities and Exchange Commission (SEC), subject to its regulations and scrutiny. TTMF has also been identified by the Central Bank of Trinidad and Tobago (CBTT) and the Ministry of Finance as a Systemically Important Financial Institution (SIFI) and is subject to quarterly on-site inspections by the CBTT. To date TTMF has successfully met all of the SEC's regulatory requirements and satisfied all the required submissions to the CBTT.
Supported by a robust system of financial management, TTMF's Financial Statements have traditionally been very strong. This is supported by TTMF's CariCRIS rating which has been successfully maintained at CariAA- since the completion of the initial assessment in 2012. The rating was re-affirmed on October 5, 2017. TTMF has been very profitable and has paid annually to its shareholders, the National Insurance Board of Trinidad and Tobago and the Corporation Sole (Minister of Finance) a 40% dividend amounting to $231.96M over a ten (10) year period.
The Government of Trinidad and Tobago has embarked on a very ambitious programme to house the citizens to Trinidad and Tobago, requiring billions of dollars in investment in land, infrastructure and housing units. As the preferred lender for this programme TTMF has an obligation and has committed to support the housing thrust and must therefore seek the necessary funding to fulfill this mandate.
For fifty two (52) years TTMF has worked passionately towards fulfilling its potential of being the lender of first choice for residential mortgages. Together with a highly skilled and knowledgeable team, TTMF keeps step with the needs of the Trinidad and Tobago housing market, as it achieves its mission “to make home ownership an easy and rewarding experience”.