Beautiful Virgin Islands

Thursday, Jul 03, 2025

Opposition pushes for public loan forgiveness from National Bank

Opposition pushes for public loan forgiveness from National Bank

Opposition Leader Julian Fraser has insisted that the government should consider a loan forgiveness initiative at the National Bank of the Virgin Islands (NBVI).

Fraser asked Premier Dr Natalio Wheatley in the House of Assembly (HOA) whether the government would consider any form of forgiveness programme for interest accrued on loans given out by the bank during the COVID-19 period.

In response, Dr Wheatley said the bank was not actively considering any form of forgiveness programme and explained that the NBVI operates under the same conditions as all other commercial banks in the territory.

The Premier explained that any loan forgiveness programme would be detrimental to the bank’s financial position.

“Clients are given the opportunity to repay accrued interest without increasing their monthly payment obligations,” Dr Wheatley stated.

He explained that moratoriums on loan payments were offered by the bank from March 2020 to March 2021 and continued to be granted on a limited case by case basis.

Those are our customers


Meanwhile, Fraser was adamant that the government should reconsider its position on the matter, arguing that it was a government owned bank and that the people of the territory are its shareholders.

“This government came to this Honourable House and they asked for the stamp duty to be relaxed on the sale of property, and they came back to the House and boasted that it was a $5 million benefit to the community; whoever went out and bought these lands,” Fraser argued.

He reasoned that government should approach the matter in the same spirit, noting that the bank’s customers, having seen no relief from the government, were now walking away and going to other commercial banks.

Fraser said the Premier should look into the matter and return to the House with an answer that is in the interest of the people of the territory and said this will show that the government is looking at the bank’s customers in the same way it did with farmers and fishermen and the land owners.

Premier Wheatley then promised to meet with bank officials to discuss if there is anything more that could be done under the circumstances while responsibly meeting the bank’s obligations.

Bank suffered a net loss


In the meantime, Dr Wheatley noted that the bank waived all late fees on loan payments that were due during the period April 2020 to September 2021.

He also expressed that the bank suffered a net loss in the fiscal year for 2020 even as it maintained its full workforce complement and operational overheads for that year.

The majority of clients, Dr Wheatley said, willingly returned to pre-COVID debt service conditions although circumstances within the territory did not return to full normalcy in 2021.

According to Dr Wheatley, this resulted in the bank’s ability to rebound from its previous financial year end.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
×