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Rbc Unveils Second Covid Relief Phase

Royal Bank of Canada (RBC) yesterday unveiled a second phase of loan repayment deferrals for Bahamian and Caribbean clients impacted by the ongoing COVID-19 pandemic.

RBC's personal banking clients will be able to apply for further three-month payment deferrals on auto loans, instalment loans and mortgages with immediate effect. Borrowers can participate by applying online through their web browser at https://caribbean.rbcroyalbank.com.

RBC FINCO mortgage clients must call the Bahamas Advice Centre at (242) 356-8500 or speak to their FINCO representative. Clients must apply for deferrals by 11:59pm on July 15, 2020. Business banking and corporate banking clients may also apply for financial relief, following individual eligibility assessments with a relationship manager.

To be eligible, RBC said client accounts must have been current and in good standing as at February 29, 2020. Borrowers who participated in the first phase of automatic payment deferrals can apply for these latest phase, but those already participating in non-COVID RBC relief programmes are excluded.

RBC encouraged clients who are in a position to keep making their regular monthly payments to continue to do so, and said it may consider other relief measures if necessary.

Comments

tribanon 2 weeks, 3 days ago

Is this all just some kind of accounting gimmick whereby these banks are simply trying to work around accounting rules that would otherwise require them to establish very large loan loss provisions at this time? Anyone with an iota of common sense knows that many bank loans will not be repaid because of the huge spike in the unemployment rate with no relief in sight for the unemployed anytime soon, if at all.

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