Apprehension by Financial Institutions to Grant Loans Where There is a Reliance on Social Security to Make Loan Repayments
A local banker, economist and financial analyst has weighed in on the vulnerable state of the island’s Social Security Fund and how it could impact on people’s ability to repay loans.
Peter Queeley, who is the manager of the St. Patrick’s Cooperative Credit Union (SPCCU), says the issue at hand has to do with some people using this form of income for loan repayments.
He says there is much apprehension by financial institutions to grant loans and rely on social security as a stream of income to repay these loans
Mr. Queeley was making a presentation during Wednesday social security fund inquiry session at the Credit Union Hall in Brades
Peter Queeley.
The Social Security Fund recently informed the Government of Montserrat of challenges it is experiencing, which would have “serious impact on its ability to meet its obligations,” as the Fund is projected to deplete its reserves by 2025.