Politicians encouraged by banks move
The Minister of Finance and the Leader of the Opposition responded to steps taken by banks to help customers financially impacted by Covid-19.
Butterfield Bank is to automatically defer all residential mortgage and personal loan payments for the next three months.
It will also introduce a payment deferral on credit cards for April and May, meaning customers can skip their next two monthly payments without incurring any late fees.
Clarien Bank is to temporarily waive some late payment fees and customers were encouraged to contact the bank to discuss other options to help them through the economic disruption.
Curtis Dickinson, the finance minister, explained: “As I said earlier this week, this Government takes its responsibility seriously to assist the most vulnerable in our community.
“We are taking proactive steps to help provide appropriate financial assistance to Bermudians and to protect our Island's economy during this difficult time.
“We have had discussions with our key stakeholders concerning appropriate actions they should take to assist the people of Bermuda, and I have reviewed the announcement made today by Butterfield Bank.
“I am encouraged to see that they are offering relief to their clients during this challenging time.
“I am optimistic that other service providers will also consider the needs of our community and act accordingly.”
Craig Cannonier, the One Bermuda Alliance leader, said: “I am relieved to see the steps that both Clarien Bank and The Bank of NT Butterfield have taken to provide some economic relief to our community, during these unprecedented times.
“We note that coronavirus relief legislation is being passed in every country.
“It is important that Bermuda offers to its people the same level of relief that is being offered around the globe.
“To that end, we applaud the steps taken by the local banks, and hope that any and all relief that is offered by the Federal Reserve Bank and passed on to our local banks, is, in turn, passed down to our businesses and residents.
“It is equally important that all the banks be uniform in their approach, so that the community is afforded a level playing field in terms of the economic relief offered.” He added: “We must continue to positively collaborate as a country, while we manoeuvre through this pandemic, with the end goal being that economic recovery will be available to all.”