Shaw seeks to explain Holness' comments about NHT being a financial institution

Finance Minister Audley Shaw has sought to explain the declaration by Prime Minister Andrew Holness that the National Housing Trust (NHT) is a financial institution and not a housing agency.

Prime Minister Holness made the declaration as he sought to defend his government's decision to take more than $11 billion from the agency to fund the administration's personal income tax relief election promise, a move he criticised while in opposition.

Speaking at a post-budget press conference this morning, Shaw said the Prime Minister was simply pointing out that the NHT commands vast resources and therefore needs to be re-scoped to operate in a more traditionally prudent manner.

For example, Shaw said thought is being given to whether some of these resources can be used as security for loans for special projects.