ECCU Bankers Association members offering 6-month loan repayment moratorium

by Linda Straker

  • Loan repayment moratorium of 6 months for loss of income due to Covid-19
  • Eastern Caribbean Central Bank and ECCU Bankers Association agreed to collective approach
  • To avoid large gatherings, customers strongly encouraged to use digital and online channels

Customers of banks in Grenada that are members of the Eastern Caribbean Currency Union Bankers Association should be having a loan repayment moratorium of 6 months as a result of the anticipated loss of income due to Covid-19.

“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,” said a statement from the Eastern Caribbean Central Bank and the ECCU Bankers Association issued late last week Friday.

Over the past few days, the members have been in discussions to formulate a support programme for customers and residents during this time of difficulty and uncertainty. The joint statement said both entities have agreed to a collective and coordinated approach.

“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 programmes will be implemented by all member banks in the Eastern Caribbean Currency Union,” said the statement.

“The programme will facilitate a loan repayment moratorium for an initial period of up to 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,” the statement outlined, without giving a date of effect.

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,” the statement instructed.

With regards to using services at financial institutions, the statement said that 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 statement gave the assurance that the 2 entities remain resolute in fulfilling their duty to protect the wellbeing 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.

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