Bermuda’s banks were yesterday blasted by campaigners.

And they called on the Bermuda Monetary Authority (BMA) to be given more teeth to ensure that Bermudians are not being singled out for redundancies.

Jason Hayward, president of the white collar union BPSU, said: “Since 2008, the commercial banks have collectively reduced employment levels by an estimated 500 jobs, with the majority of job losses being absorbed by Bermudians.

“We have noted during this recessionary period, the banks have continued with their systematic redundancy policies, especially the Bank of NT Butterfield and HSBC Bermuda.”

Mr Hayward was speaking at a rally organised by The People’s Campaign, set up on a platform of “equality, jobs, justice” and held at Queen Elizabeth Park in Hamilton yesterday.

He added that a decision by Clarien Bank, which recently took over Capital G, had opted not to honour previous mortgage benefits for staff members, which had led to employees defaulting on their mortgages and losing their homes.

Mr Hayward added that banks had also discriminated against older people by refusing loans even if they were qualified by assets and equity.

Campaign member Rev. Nicholas Tweed said the group wanted an “immediate review of banking lending practices as it relates to the refusal to make loans to persons over 65 who have the equity and assets to meet the criteria for qualifying for a loan.

“This practice is discriminatory and should be ended immediately. It is additionally egregious, given the long history of racist lending practices by banks in Bermuda, that many Bermudians feel that age is also being used as a mask to conceal the continuation of racist lending practices.”

And he added: “We are also urging the Government to establish a process in which agreements can be reached with the banking industry that ensure maintaining levels of Bermudian employment, which, if breached, will trigger consequences determined and enforced by the Bermuda Monetary Authority.

“If this exceeds the current purview of the BMA then we ask that legislation be introduced immediately to give the BMA such powers.”

Rev. Tweed said the campaign supported Finance Minister Bob Richards, who said in the Budget speech earlier this year that bank interest rates and policies were “pulling in the wrong direction” as the Island fought its way out of recession.

But he added that Government appeared to be “stalled” on bringing the banks to book and called for Ministers to spell out what steps had been taken to get them into line.

BIU president Chris Furbert said that the campaign had presented then-Premier Craig Cannonier and Opposition leader Marc Bean with copies of their manifesto at the start of May and that both had promised to review it and schedule further talks.

But Mr Furbert said: “On May 20 we wrote to both the Premier and the leader of the Opposition expressing our concern regarding their failure to respond to the manifesto.”

And he added: “As of today they have not even acknowledged receipt of the letter ... nor have they made any effort to meet with the People’s Campaign. We hope that this does not reflect that they are dismissing the concerns of the people of Bermuda.”