RBC Royal Bank has announced a plan to help their Caribbean clients during the anticipated slowdown of the economy because of the spread of the corona virus. In a statement the bank said RBC Royal Bank effective immediately, most RBC personal banking clients in the Caribbean will benefit from an automatic three-month payment deferral on credit facilities.

The statement also indicated that business and corporate banking clients are eligible for the relief program following individual assessments with an RBC representative.

Automatic payment deferrals have been applied as of March 17, 2020, and will remain in effect until June 30, 2020, or until further advised.

 “These measures are an important first step and underscore the resilience of the financial system and the critical role banks play in the economy,” the release said.