The Central Bank of the Bahamas has announced a temporary easing of lending restrictions placed on domestic banks when assessing applications for hurricane relief loans.
In the aftermath of damage caused by Hurricane Frances, and to facilitate access by households and businesses to credit facilities for relief purposes, domestic banks are being advised that the 15% equity contribution will, in these circumstances, not apply, the Central Bank has announced.
Furthermore, the threshold debt service ratio for the relevant borrowers is temporarily increased to 55% from the 40%-45% range.
The Central Bank stated that it is continuing to monitor the situation and will advise the public of any further change in this policy.
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