Friday, September 24, 2004
In the wake of hurricane Ivans destruction of the Cayman Islands, local retail banks offered Cayman residents some desperately needed breathing space by placing a hold on loan repayments for all loans in good standing until January 2005.
This is an early Christmas present as personal customers will not be required to make their normal home 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. Many in the Caribbean hope for similar sympathy throughout the region. Some governments called for debt cancellations and Trinidad has already cancelled debts owed to it by Grenada