British Virgin Islands

Monday, Oct 26, 2020

Gov't negotiating with banks about loan payments of affected residents

Gov't negotiating with banks about loan payments of affected residents

In the face of the coronavirus (COVID-19) pandemic that has begun to affect multiple sectors as well as job security, government is having talks with various banking institutions to offer residents more favourable deals on loans.

Addressing residents during a joint press conference with Opposition Leader Marlon Penn on Tuesday, Premier Fahie said: “We know that you are concerned about your bank loans. We are on the banks to give us the best deal.”

“We are not going to come off negotiations with them [because] we are in this together. All of us are in this together and your government is going to do its best.”

Willing to assist


In the meantime, the BVI Bank Association said in a recent public statement that “all banks within the territory are ready and willing to assist their customers as needed”.

It stated that customers must contact their respective banking institution if they are experiencing challenges at this time.

“We have no one-size-fits-all solution. But we are willing to work with our retail and commercial customers on a case-by-case basis as we continue to value your business,” the Association said.

CIBC offering deferred payments


At least one local financial institution, CIBC First Caribbean International Bank, has since said it is working with its client-base for those adversely impacted by the COVID-19.

That bank has said it is offering “deferred payments, special loan financing and other concessions aimed at helping clients cushion the financial impact of the pandemic on households and businesses across the region”.

Businesses need to remain viable


Meanwhile, Opposition Leader Penn said he will be unrelenting in lobbying for the government to implement what’s in the best interest of residents.

He said: “We have to ensure that we do whatever is possible to make sure that our businesses remain viable and I will keep on the Premier to ensure that the necessary steps are taken to ensure that the employees and the businesses get the necessary support that they need to continue to remain viable and productive in our territory.”

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