Retail banks offer loans relief

Friday, September 24, 2004

Local banks offered Cayman residents some desperately needed breathing space when they announced Wednesday 22 September, that an agreement had been reached among the Island’s retail banks to offer a moratorium on loan repayments for all loan payments in good standing until January 2005.

This means that all personal customers will not be required to make their normal repayments to their mortgages, car loans and other personal loans until the appropriate time in the month of January 2005. Interest will continue to accrue and will be added to the loan but there will be no further changes.

The banks stated that they would also be sympathetic to the needs of business customers, as requirements vary. Customers are asked to contact their banks to discuss their needs. Banks will resume normal hours on Monday 27 September.

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