Former depositors of the defunct Bank of Commerce in St. Kitts and Nevis that went into bankruptcy in 1985 will be able to recover their money.
Prime Minister Dr. Timothy Harris says they will be getting what they put in, plus 2.5 per cent on their balances, from today December 28th, 2015, through the St. Kitts-Nevis-Anguilla National Bank.
Wrapping up the 2016 Budget debate in the National Assembly last week, he said the bank is expected to pay out EC$18 million to former clients. Between 5,000 and 6,000 people are expected to benefit from the payout.
The Bank of Commerce has been in liquidation since May 9th, 1985, following a court order granted in response to a petition filed on February 2nd, 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 and the government, which had substantial investment in the bank, will get about EC$1.2 million.