BVI GOV.T Asks Banks To Give 6- Months Moratorium On Loans & Credit Lines | Island Sun

BVI GOV.T Asks Banks To Give 6- Months Moratorium On Loans & Credit Lines


Within the days that residents were stuck in their indoors bills were piling up including the
expense of the very home they were in and Premier and Minister for Finance Hon. Fahie said
that he has been trying to work out a solution to that situation
As a means to ease this burden the Premier has been pleading with the landlords to be lenient
with their tenants; while on the other hand the landlords have been calling on the
Government to plead with the Banks to ease their payments; but so far there seems to be no
practical resolution to the problem.
During a ZBVI broadcast on 9 April the BVI Leader lamented this situation and his need to see
financial ease on residents. He also used that opportunity to call on the banks to assist.
The Premier noted that residents have complained that they are receiving calls while at home
that their bills are due even though they cannot go out to pay. Hon. Fahie noted that the calls
are in most cases automated. However,  he still publicly called on the banks to put a stop to
those automated calls. “Those in the banks who have the automated things calling people
now that they are home, call your head office and tell them look we under a 14-day curfew
people can’t get out to pay. Lord have mercy on the people, stop it.”
Prior to that announcement the Premier, while speaking in the House of Assembly on 27
March mentioned that he continues to discuss with banking institutions ways in which they
can offer relief to residents.
Hon. Fahie told his colleagues, “Two meetings we had with the banks. Two meetings we had
with the Banking Association. Asking for better packages.”
However, the BVI Leader hinted that the meetings did not yield the type of results
government was hoping for. “Some of them told us they already have hardship things in place
we told them it still has to be better than that because this wont be nothing normal. We’re
trying to push all banks to where we have six months moratorium because this is going to be
something totally different than normal.”
During a joint press conference with the Leader of the Opposition Hon. Marlon Penn on 24
March Hon. Fahie had noted that he was aware that residents were concerned about their
bank payments. Hon. 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.”