Loan deferrals extended for ECCU states

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The ECCB and the the ECCU Bankers Association has recommended that bank payments be suspended for a maximum of another 12 months.

Banks in Antigua and Barbuda and the remaining ECCU region will consider extension requests from 1 October, 2020.

Going forward, individual banks will offer loan repayment deferral programmes (moratorium) based on an assessment of the financial condition of customers.

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, however, some basic guidelines for granting of the moratorium will apply.

i. Consideration for extensions shall be based on a review and assessment of the customer’s circumstances by the bank and a request/application for extension by the customer.

ii. Banks will monitor the customer’s circumstances on an ongoing basis during the given period of the moratorium.

iii. The terms and conditions of the moratorium granted shall allow the bank, in consultation with the customer, to cut back the moratorium should the customer’s improved circumstances merit such action.

iv. Banks will, at the time of arranging the extension, assess and discuss with customers the options for restructuring the loan at the end of the moratorium, especially treatment of the accumulated interest. Households whose income has been negatively impacted will be treated on a case by case basis.

v. All business owners whose incomes have been negatively impacted will also be treated on a case by case basis.

In issuing the extension, the ECCB said that “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.”

Customers in need of this support programme are encouraged to contact their financial institution directly for more information, as processes may differ.

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