BASSETERRE, St. Kitts, Thursday December 24, 2015 – Former depositors of the defunct Bank of Commerce that went into bankruptcy in 1985 will be able to recover their money within a matter of days.
Prime Minister Dr. Timothy Harris says they’ll be getting what they put in, plus 2.5 per cent on their balances, come December 28, 2015, through the St. Kitts-Nevis-Anguilla National Bank.
Wrapping up the 2016 Budget debate in the National Assembly earlier this week, he said the bank is expected to pay out EC$18 million (US$6.7 million) to former clients. Between 5,000 and 6,000 people are expected to benefit from the payout.
“This would see a significant contribution in the economy between December and January, as more people have money to spend for the Christmas season and the New Year,” he said.
Harris said that after three decades, he’s pleased that the resolution could come under his Team Unity Government.
The Bank of Commerce has been in liquidation since May 9, 1985, following a court order granted in response to a petition filed on February 2, 1985, by the Social Security Board (SSB), one of the financial institution’s creditors.
Earlier this year, Prime Minister Harris said that a court settlement had finally been reached.
As a result, the SSB will receive about EC$1.4 million (US$518,518) and the government, which had substantial investment in the bank, will get about EC$1.2 million (US$444,444).