Capital Bank Small Depositors Relief Programme Begins

CapBank

GOVERNMENT OF GRENADA


Attention:

Small Depositors of Capital Bank International Limited

– In Receivership


The Government of Grenada is pleased to announce the commencement of the Capital Bank International Limited – In Receivership (“Capital Bank”) Small Depositors Relief Programme (the “Programme”).

The Government of Grenada wishes to thank Small Depositors for their patience.

Detailed information: Details about this Programme are outlined in this notice and the Application and Release Form, available on www.gov.gd and in the Treasury and various District Revenue Offices.

What will be paid? Under this Programme, payments will be made to Small Depositors of Capital Bank with savings accounts of $500 or less, inclusive of accrued interest to February 15, 2008, and less any outstanding loans or other indebtedness by the Small Depositors to Capital Bank.

Condition of payment: As a condition of payment, the Small Depositor must sign an Application and Release Form in which the Small Depositor assigns all of his/her rights against Capital Bank to the Government of Grenada for all amounts paid to the Small Depositor under this Programme.

How to Apply for Payment

The Government of Grenada wishes to provide Small Depositors with the chance to request and receive payment by June 13, 2014.

For Immediate Payment: Attend the Treasury or your local District Revenue Office (DRO) on the date indicated below that corresponds to your bank branch and alphabetically by surname.  Cheques will be made available for collection on these dates; or

For Deferred Payment: Where possible, by attending to DRO or the Treasury on the dates specified and submitting their applications so that any issues can be resolved to facilitate payment by the Treasury in the final round of payments in June 2014.

Although most Small Depositors will receive an Immediate Payment, some persons will only be paid as part of the Deferred Payment Group (see below).

Immediate Payment – Application Dates: Small Depositors seeking immediate payment should attend the Treasury or District Revenue Office on the following dates from 8:30 am to 2:00 pm.

Depositor’s Capital Bank Branch Dates Depositor’s Surname starts with Please attend at
Gouyave Monday May 12 A–Z DRO Gouyave
St David Wednesday May 14 A–Z DRO St David’s
Victoria & Sauteurs Thursday May 15 A–Z DRO Victoria
St Andrew & River Sallee Friday May 16 A–Z DRO Grenville
St George’s & Grand Anse Monday May 19 A–F Treasury
Tuesday May 20 G–N Treasury
Wednesday May 21 O–Z Treasury
Carriacou & Petite Martinique (Windward & Hillsborough) Tuesday May 27 A–J DRO Carriacou
Wednesday May 28 K–Z DRO Carriacou
Deferred Payments Monday June 2 Deferred Treasury
Tuesday June 3 Deferred Treasury

Government expects large crowds to be in attendance on these dates, which may create delays.  Your patience is kindly requested.  The staff will make every effort to assist as many persons as possible in the allocated period.

What Small Depositors must bring?

When making an Application for payment, it is essential that Small Depositors bring:

  • A valid photo Identification, such as your Passport or Driver’s Licence; and
  • If a Small Depositor’s name has changed, he or she should also bring proof of that change of name.

Which Small Depositors will receive Deferred Payments?

Small Depositors in the following categories will only be paid in the Deferred Payment group:

  • Death claims (in which case, claim documentation will need to be submitted – please see the Application and Release Form for details)
  • Applications made by or on behalf of minors
  • Applications made by persons who reside outside Grenada
  • Cases where the Small Depositor’s identity cannot be satisfactorily verified, or all persons that need to sign the Application and Release Form have not clearly done so
  • Other more complex or unclear applications that cannot be resolved in a reasonable timeframe

What if someone cannot apply on the allotted dates?

Small Depositors who do not apply during the allotted dates should not be concerned that they will miss out on a payment.  They will be able to submit applications up to 13 June, 2014.

If persons are aware of Small Depositors residing outside Grenada, they are encouraged to contact them in order to make them aware of this programme. Non-resident Small Depositors who cannot apply in person will need to follow the process described in the Application and Release Form, and will be processed as a Deferred Payment.

Acknowledgement

The Government of Grenada wishes to acknowledge the hardship experienced by all depositors of Capital Bank. In addressing the Smallest Depositors (80% of all Depositors), the Government hopes this Programme will bring much needed relief to those Small Depositors. It is hoped that the matters before the Court will be resolved to pave the way for the final resolution of this longstanding issue for other depositors and creditors not covered by this Programme.

The Government also expresses appreciation for the valuable assistance of the Receiver, and the Ministry of Finance for their assistance in implementing this Programme.

Issued by the Government of Grenada, 7 May 2014

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