ECCB and ECCU Bankers Association say they see the anxiety that some customers and residents are experiencing over the loss of income due to the COVID-19 pandemic
A statement from the Eastern Caribbean Central Bank and the ECCU Bankers Association say they understand the anxiety that some customers and residents across the ECCU are experiencing over the loss of income due to the COVID-19 pandemic. They noted that the current situation is unprecedented, and they recognize the magnitude of the likely impact on daily lives. They told the region to rest assured, that they are here to offer guidance and support as we navigate this situation together. The statement continues:
‘Over the past few days, we have been in discussions to formulate a support programme 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 a support programme 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 (6) 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. Each member bank will advise its customers of the details and process for the support programme. Therefore, please contact your financial institution directly for more information.
Given the absolute necessity to avoid large gatherings, customers of financial institutions and residents of the Currency Union are strongly encouraged to use digital and online channels as far as possible. 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. The ECCB and ECCU Bankers Association remain resolute in fulfilling our duty to protect the well-being of customers and residents through sound advice, products and appropriate regulatory responses that secure our financial stability now and position us for a strong recovery and financial future. Let us all work together, We are resilient, We shall overcome’.
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