Financial Institutions and Eastern Caribbean Central Bank Offer Extended Support to Customers

September 30, 2020

The Eastern Caribbean Central Bank (ECCB) and the ECCU Bankers’ Association have carefully reviewed the current circumstances in relation to the ongoing COVID-19 pandemic and have revised their support programme to help reduce the anxiety that some customers and residents continue to experience over the loss of income due to the pandemic.

According to ECCB “The unprecedented situation that we recognised in March 2020 has not yet shown signs of significant improvement, and more lives and livelihoods have been impacted by the significant downturn in our economies, especially relating to the Tourism Sector on which the Eastern Caribbean Currency Union so heavily relies. Consequently, we have taken the collective decision to maintain the support programme, as we continue to navigate the pandemic together.”

The ECCB supports the ECCU Bankers’ Association extension of the current moratorium to as much as 12 months, where considered necessary.   Going forward, the loan repayment deferral programme (moratorium) will be based on an assessment of the financial condition of customers.   In their sole discretion, banks in the ECCU region will consider extension requests up to a maximum period of 12 months from 1 October 2020.  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 Eastern Caribbean Central Bank and ECCU Bankers Association expressed that they will remain resolute in fulfilling their duty to protect the wellbeing of customers and residents through sound advice, products and appropriate regulatory responses that secure their financial stability and position them for a strong recovery and financial future.

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