Published 12 April 2020
Buckie Got It, St. Kitts and Nevis News Source
FINANCIAL INSTITUTIONS IN ST. KITTS-NEVIS OFFER RELIEF TO CUSTOMERS IMPACTED BY ECONOMIC SLOWDOWN CAUSED BY COVID-19
Basseterre, St. Kitts, April 11, 2020 (SKNIS): Persons in St. Kitts and Nevis impacted by the economic slowdown caused by COVID-19 and who currently have loans and mortgages started seeing some relief as financial institutions have offered relief to their customers by offering a moratorium up to six months, said Prime Minister Dr. the Honourable Timothy Harris on Saturday’s (April 11) edition of Inside the News on Winn FM 98.9.
“So far, the Republic Bank has provided relief as of Thursday, April 02, to 163 customers who had indicated and who had gone through the process and have applied for the moratorium. The Bank of Nevis I am advised has assisted so far 15 customers. The First Caribbean Bank has assisted just under 40 persons and National Bank has assisted just over 50,” said Dr. Harris, while recognizing the Royal Bank of Canada for its outstanding offer. “The RBC stands out in that it has determined that it will offer to every borrower on record.”
Dr. Harris added that the Development Bank of St. Kitts-Nevis is also “offering a similar facility. In terms of the taxes, those we have announced, all those measures have been followed up on.”
Prime Minister Harris said that to date, there has been a very positive reaction to the moratorium offerings.
“So again, the news is that there has been a positive response by persons who have loans with the banks and they determined that they will take the six months moratorium or relief in the circumstances of the pandemic,” he stated.
The Monetary Council of the Eastern Caribbean Central Bank played an integral role in reaching an agreement with the Eastern Caribbean Currency Union Bankers Association on a loan repayment moratorium for up to six months.
