As a result of several measures taken to safeguard the financial sector during the COVID-19 pandemic, Central Bank was proud to report in its half-year assessment that a total of 15,641 facilities benefitted from $68.7 billion, or 26.7 percent of the banks’ total loan portfolio for the corresponding period.
Central Bank noted that the highest volume of relief was granted to the services sub-sector ($31.9 billion), or 46.4 percent of the total relief granted. The households and real estate sectors accounted for the next two highest levels of relief granted, 33.1 percent (G$22.8 billion) and 9.4 percent (G$6.4 billion), respectively.
Guyana Standard understands that Republic Bank Limited (RBL), Guyana Bank for Trade and Industry Limited (GBTI), Demerara Bank Limited (DBL) accounted for the greatest exposures to the services sub-sector with exposures of 69.5 percent, 16.9 percent, and 8.3 percent, respectively. Of the $22.8 billion relief granted to the household sector, Bank of Nova Scotia (BNS) was responsible for 85.2 percent ($17.2 billion).
This news agency understands that relief granted to the Real Estate Sector amounted to $6.4 billion. As for RBL and Citizens Bank (Guyana) Incorporated (CBI), Guyana Standard understands that they collectively accounted for 98.9 percent ($6.4 billion) of relief to the Real Estate Sector.
During the COVID-19 pandemic, the Guyana Association of Bankers (GAB) agreed to a suite of measures that would bring relief to its customers. These included an initial three-month moratorium granted to classify affected accounts as non-performing, which was followed by an additional three-month period, bringing the total moratorium time to six-months; and a waiver of paragraphs 14 and 15 of the Supervision Guideline No. 5 (i.e. the regulatory treatment/condition for renegotiating loans).
It also included a deferment of loan payments to assist customers in good standing; deferment of loan payments by companies to assist with their liquidity requirements; and waiver or reduced fees/penalties for transactions with ATMs, debit cards, loan processing, late payments on loans, etc.