Banks stable, bad loans troublesome

Providenciales, 30 Apr 2015 – Bad pay on loans are troubling banks in Turks and Caicos according to the IMF team which recently gave a report and recommendations after being invited to evaluate the financial services sector. The court docket is loaded with evidence of the fall-out from the 2008 financial crisis; many islanders were hard pressed to maintain businesses, keep homes and other personal purchases with the extreme slow-down in the economy. Hiroko Oura was responding to media questions on how healthy local banks are; especially with regional reports of downsizing and international reports of Caribbean branches of Canadian banks struggling with the high rate of non-performing loans. Oura assured that the banks in the TCI are well capitalized.

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