Halifax students occupy Royal Bank headquarters and met with bank executive.

At 3:00 PM today, february 6th, 2002, approx. 400 students from halifax universities and high schools performed a peaceful sit-in at the Atlantic Provinces Headquarters branch of the Royal Bank in Halifax after a 2000+ strong march to the legislature demanding a tuition freeze and roll-backs. The students filled the majority of the bank, playing drums, chanting, and dancing.
After some discussion, a democratic decision was made to stage a sit-in and demand to speak to the President of the Royal Bank. After an hour long process of communicating with both bank and police representatives, a meeting was organized between the senior Vice President, and student representatives. Compromises were made on all sides. The understanding was that once student representatives met with bank executives, students occupying the bank would leave, or otherwise be arrested. A list of demands were made and taken by representatives to a meeting held with the Senior Vice President of the the Atlantic Provinces Headquarters, Wayne Bossert.The demands were;

1)Information on the risk-sharing agreement, and the amount of interest made by the Royal Bank on student loans.
2)A public announcement made by Royal Bank officials endorsing a tuition freeze.
3)Breaking all ties between the Royal Bank and student loans.

During the meeting, the remaining 200 students passed time with drumming, radical cheerleading, talking-circles discussing a variety of anti-capitalist issues.

After an hour long meeting, these were the results;
The Provincial Student Loan Program expired in fall of 2001. The Royal Bank is servicing student loans while waiting for the highest corporate bidder to take over the Adninistration of the program. Details of the interest could not be given due to a confidentiality clause applied to all of the banks clients, including the Nova Scotia government. Mr. Bossert was unable to give any sort of estimate as to how much money the Royal Bank makes from student interest every year, however he claims it's not THAT profitable.... whatever.

The bank representatives were unable to make a public announcement on behalf of the financial institution as a whole due to liability issues. Wayne Bossert claimed the he himself was sympathetic to the frusteration of the students, but refused to make an announcement as a business leader in the community, or as a man. However, he agreed to call Premier John Hamm and "will express concerns regarding student debt and to move toward taking actions regarding the plight of students, speaking both as a man and as the Senior Vice President of the Royal Bank.

As for the third demand? The Royal Bank claims to give funding to education and donates money to universities on Atlantic Canada... though we have no figures as to how much that actually is. The Royal Bank has declined to submit a proposal to continue administrating the student loan program, which they say is a step towards breaking their ties to student debt... although most of the students in Nova Scotia will continue to pay back their current loans (with interest) for a long, long time.
At approx, 6:15, the students democratically agreed to the previous conditions, and peacefully exited the bank, after cleaning up any mess that was made during the 3 hour occupation. They will be "re-conviening" tommorrow at Grank Parade Square on Barrington St. at 3 PM to discuss future actions. Education should not be a debt sentence!! Education is Liberation!!