The Government has met with the leadership of two local banks as part of efforts to make Bermuda more affordable and improve consumer protection.

A spokeswoman said that Alexa Lightbourne, the Minister of Home Affairs, recently sat down with the leadership of both HSBC Bermuda and Butterfield to address cost-of-living pressures, particularly for vulnerable members of the community.

They explored options such as tiered banking service packages and prepaid products, allowing easier transactions with a broad network of businesses and grocery stores.

Other areas of discussion included mortgage payments, financing for energy projects and opportunities for partnership on consumer education.

Ms Lightbourne said making Bermuda more affordable required “close collaboration with our financial institutions, who are critical partners in expanding access and protecting consumers”.

She said the talks showed the collective effort required to make progress.

“Many Bermudians feel powerless in their banking relationships, and I appreciate the opportunity to meaningfully engage with senior bank executives to identify practical ways to better empower customers in Bermuda.”

Neville Grant, chief executive of the Bermuda Banking Association, said: “This banking outreach is a key part of the process, and it will ensure that they are also a part of the solution.

“The more the banks better understand and explain the dynamics driving our cost of living, then we will be able to provide thought leadership to create practical solutions to better manage the cost of living in Bermuda.

“We look forward to the contributions from the remaining banks and are excited about the discussions that have been held to date.”