Today, RBC Royal Bank (RY on TSX and NYSE) (“RBC”) announced plans to provide financial relief to its Caribbean clients impacted by the ongoing novel coronavirus (COVID-19) global pandemic.
Effective immediately, most RBC Personal banking clients in the Caribbean will benefit from an automatic three-month payment deferral on credit facilities. Business and Corporate banking clients are also eligible for the relief program, following individual eligibility assessments with an RBC representative. Automatic payment deferrals will be applied as of March 17, 2020 and remain in effect until June 30, 2020, or until further advised.
To be eligible for the program, Personal banking or Business and Corporate banking client accounts must be current and in good standing as of March 2, 2020. Clients who are already participating in RBC relief programs for other circumstances are excluded from this program.The relief program is intended to provide flexible solutions and help clients manage through the impacts of COVID-19, such as pay disruption; childcare disruption due to school closures; or dealing with the COVID-19 illness itself.
These measures are an important first step and underscore the resilience of the financial system and the critical role banks play in the economy.
RBC will continue to monitor COVID-19 and the evolving economic conditions in each country and territory where the bank operates. RBC may consider other relief measures, if necessary has a long history of standing by Caribbean clients through challenging times and this commitment will continue throughout this crisis and beyond.
