Former Bank of Commerce depositors to be paid

Former depositors of the defunct Bank of Commerce that went into bankruptcy three decades ago will benefit from a payment of EC$18 million, St. Kitts Prime Minister Dr. Timothy Harris has said.

He said that the payment, representing 25 per cent of their balances from December 28, 2015, to thousands of depositors will be made through the St. Kitts-Nevis-Anguilla National Bank.

Harris, said that the Bank of Commerce is expected to pay out EC$18.78 million to the former clients and that between five to six thousand people are expected to benefit from the pay-out.

The Prime Minister said that after three decades, he's happy for the resolution to the problem.

"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.

The Bank of Commerce has been in liquidation for the last 30 years.

CMC