STATEMENT

Honourable Lorna G. Smith, OBE

DEPUTY PREMIER AND MINISTER FOR FINANCIAL SERVICES, LABOUR AND TRADE

Concerns Raised About Republic Bank (BVI) Limited Transactions

The Government of the Virgin Islands is aware of recent developments at Republic Bank (BVI) Limited, which resulted in the withdrawal of funds from several customer accounts.  These withdrawals stemmed from the bank's delayed completion of processing for approved point-of-sale and e-commerce transactions where customers had already received the authorised goods or services.

Following public concerns, I met with the Financial Services Commission (FSC), the regulatory body overseeing the bank, to discuss the situation. The FSC assures us they are working with Republic Bank (BVI) Limited to find solutions. Affected customers can expect further communication from the bank outlining steps to address the issue.

This follows the bank's May 2nd media release where they committed to working with customers and offered options like payment plans. I encourage affected customers to visit the local branch for assistance.

While the Government does not directly control the bank, we understand the community's concerns. As the Minister responsible for banking, I will continue working with the FSC to ensure a swift resolution is implemented once finalised.

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