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Home News Local News PM Harris Applauds Regional Banks For Extending Loan Deferrals

PM Harris Applauds Regional Banks For Extending Loan Deferrals

By Clive Bacchus

St Kitts and Nevis (WINN): Prime Minister Dr Timothy Harris is commending the Eastern Caribbean Central Bank and the Eastern Caribbean Currency Union (ECCU) Bankers Association for extending the moratorium on the repayment of loans.

The original moratorium was scheduled to end September month-end. By that time, some 2,137 persons in St. Kitts and Nevis had applied and had been approved for the moratorium on mortgages totalling $455.6 million, according to Prime Minister Harris.

The bankers agreed to extend the moratorium for up to twelve months and to waive late fees for eligible customers, according to a joint statement this week in which they described the unprecedented situation caused by COVID-19 not yet showing signs of significant improvement.

” We commend the decision of the Eastern Caribbean Central Bank (ECCB) and the Eastern Caribbean Currency Union (ECCU) Bankers Association to extend the six (6) month moratorium on the repayment of loans (principal and interest), which ended on September 30th, for a further twelve (12) month period, i.e. from today, October 1st, 2020, to customers based on an assessment of their financial condition by their respective commercial banks,”.  Dr Harris said Thursday at a press conference held at the National Emergency Management Agency’s Conference Room on St. Kitts.

In addition to the deferral of payments, a waiver of late fees and charges will be applied to qualified customers during this period. Going forward, the loan repayment deferral programme (moratorium) will be based on an assessment of the financial condition of customers. Each member bank will advise its customers of the details and processes for the support programme, the prime minister reiterated.

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