KINGSTON, Jamaica – The National People’s Co-operative Bank of Jamaica (NPCB) says some reports of misuse of money by its members have “misrepresented” the bank’s true position.

“The members’ deposits have been used productively, making loans to members, cash investments as well as being invested in property, plant and equipment” the NPBC explained in a newspaper advertisement today.

An audit recently conducted of the bank uncovered the shocking misuse of money belonging to more than 200,000 members of the bank, and rampant abuse of position by those in charge at the institution, resulting in over $665 million, or 21 per cent of members’ deposits, unaccounted for.

The audit, a copy of which was obtained by the Jamaica Observer, found that lending from members’ savings has reached the 50 per cent cut-off mark, and that the weaknesses at the bank have exposed the institution to high financial, reputational and information technology risks. The probe was carried out from May 13 to June 19 this year.

The bank claims, however, that figures as at May 2015 show the assets of the bank were more than $4.7 billion, while members’ deposits amounted to more than $3.2 billion.

The NPCB  said it is fully co-operating with the team now conducting a special audit as all stakeholders work together to overcome the current challenges are quickly as possible.

“The management of the NPCB commits to being prudent, responsible, fair and transparent in our operations and in serving all our clients and securing and protecting the interest of all our members” the ad said.