Eastern Caribbean Central Bank and Bankers Association Announced Moratorium on Loans

Some welcome relief for persons struggling to cope with Covid-19.

The Eastern Caribbean Central Bank and the ECCU Bankers Association have announced a moratorium on the repayment of loans.

The programme will facilitate a loan repayment moratorium for an initial period of up to six (6) months with a possible extension upon review.

In addition to the deferral of loan repayments, a waiver of late fees and charges will be applicable to eligible customers during this period.

Each member bank will advise its customers of the details and process for the support programme.

Persons are advised to contact their financial institution directly for more information.

Given the absolute necessity to avoid large gatherings, customers of financial institutions and residents of the Currency Union are strongly encouraged to use digital and online channels as far as possible.

These services are offered, without charge, by most financial institutions.

As in all situations, the residents must exercise due care and attention including protecting passwords and keys.

The Eastern Caribbean Central Bank and ECCU Bankers Association say they remain resolute in fulfilling their duty to protect the well-being of customers and residents through sound advice, products and appropriate regulatory responses that secure financial stability now and position them for a strong recovery and financial future.

Meantime,

Deputy Governor of ECCB, Trevor Braithwaite, says clients will be contacted by the banks in the coming weeks.

In the meantime, the ECCB has already made $4 million available to member countries to go towards various initiatives to fight off COVID-19.

Other measures according to Braithwaite, are under consideration.