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by pltm
(PLTM) - Premier and Minister of Finance Dr. Natalio Wheatley mentioned in a recent House of Assembly Sitting that the Government of National Unity is not actively seeking to implement any form of forgiveness programmes to relieve the clients of the National Bank of the Virgin Islands.
His answer came in response to Opposition Leader Hon. Julian Fraser’s question about if the Premier “is considering any form of Forgiveness Program for the interest accrued on loans at the National Bank of the Virgin Islands during the crucial months of the COVID-19 period”.
Hon. Fraser also stated that the National Bank of the Virgin Islands (NBVI) which is referred to as the “development bank of the Virgin Islands” has been losing customers because the Government has not intervened to assist the people who have been experiencing increased difficulties as a result of the COVID-19 pandemic.
Hon. Fraser revealed that he advocated for a government initiative to support borrowers during this difficult financial time, especially since the NBVI is government-owned.
However, Dr. Wheatley asserted that there is no backlog of loan moratorium requests, and the majority of customers resumed the repayment of their loans according to the pre-COVID requirements.
He mentioned also that the bank temporarily waived all late fees between April 2020 and September 2021 which he stated provided relief for the people.
“The National Bank of the Virgin Islands operates under the same conditions and regulations as all other commercial banks within the Territory. Moratoriums and loan payments were freely offered from March 2020 through March 2021 and continue to be granted on a limited case by case basis,” Dr. Wheatley stated.
He stated that any form of forgiveness programmes for interest accrued on loans undertaken by Government would be detrimental to the bank’s financial position.
Hon. Fraser, who was dissatisfied with the Premier’s response, urged the incumbent Government to “look into this matter and come back to this Honorable House with an answer that is in the interest of the people of the Territory and that will show that the Government is looking at the bank and it customers in the same way it did with farmers, fishermen, and landowners.”
