ST. GEORGE’S, Grenada, March 23, 2020 (CMC) – The Eastern Caribbean Central Bank (ECCB) says customers in the Eastern Caribbean Currency Union (ECCU) will benefit from a six month moratorium on the repayment of loans as a result of their loss of income due to the coronavirus (COVID).
“The current situation is unprecedented, and we recognise the magnitude of the likely impact on our daily lives. Rest assured, we are here to offer guidance and support as we navigate this situation together,” according to a joint statement, issued by the ECCB and the ECCU Bankers Association.
The ECCU and the ECCB group the islands of Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, St. Kitts-Nevis, Montserrat and Anguilla.
In the statement, the ECCB and the ECCU Bankers Association said that members have, over the past few days, been in discussions to formulate a support program for customers and residents, “during this time of difficulty and uncertainty”.
“In view of the projected impact on individuals and businesses, across our region, we have agreed to adopt a collective and coordinated approach to help address the economic and social consequences from the pandemic. Consequently, we have agreed that support program will be implemented by all member banks in the Eastern Caribbean Currency Union.
“The program will facilitate a loan repayment moratorium, for an initial period of up to six 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,” the statement outlined, without giving a date of effect.
It explained that each member bank will advise its customers of the details and process for the support program, while also urging social-distancing at the financial institutions, as well as the use of online banking.
“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. Please do not share them with anyone,” said that statement.