BANKS IN ECCU TO OFFER EXTENDED SUPPORT TO CUSTOMERS

Banks in the Eastern Caribbean Currency Union are to extend the programme of support to their customers amid the impact of COVID-19.

The Bankers have announced they will consider extending the loan deferral programme or moratorium for up to twelve months starting as of October 1, where considered necessary.

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

The confirmation came in a joint media release by the Eastern Caribbean Central Bank and ECCU Bankers’ Association this week.

The moratorium was scheduled to have ended on September 30, but the ECCB and ECCU Bankers’ Association say the unprecedented situation that we recognised in March 2020 caused by the pandemic has not yet shown signs of significant improvement.

The moratorium will be based on an assessment of the financial condition of customers and will be in the sole discretion of banks in the ECCU region.

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

The bankers say consideration for extensions shall be based on a review and assessment of the customers’ circumstances by the Bank and a request or application for extension by the customer.