GOVT. LIFELINE FOR OFFSHORE BANK.The Government threw a a lifeline life·line
a. An anchored line thrown as a support to someone falling or drowning.
b. A line shot to a ship in distress.
c. A line used to raise and lower deep-sea divers.
2. to the financially-troubled offshore institution First International Bank, reports CANA Cana (kā`nə), ancient town of Galilee. According to the Gospel of St. John it was here that Jesus performed his first miracle by turning water into wine at a wedding.
wedding feast where Christ made water into wine. [N.T. (October 14, 2000). Finance Minister Anthony Boatswain Boatswain
Byron’s favorite dog. [Br. Hist.: Harvey, 239]
See : Dogs said that a Class 1 License had been granted to the bank, which has now been renamed First International Bank of Grenada 2000. The license was granted on the condition that depositors be reimbursed, the banking activity be properly supervised and a qualified accountant appointed to ensure proper records are kept. Government was forced to take charge of the bank after it collapsed amid reports of a financial scandal involving some of its foreign managers who are accused of diverting di·vert
v. di·vert·ed, di·vert·ing, di·verts
1. To turn aside from a course or direction: Traffic was diverted around the scene of the accident.
2. millions of dollars to foreign accounts before skipping the country. First International Bank owes 6,000 depositors about US$150 million.