FINSAC
Interventions
| Company: |
Eagle Commercial Bank |
| Intervention Date: |
November 1, 1997 |
| Extent Of Support |
$2.7 billion |
The details of assistance and support to
this financial institution are listed in the
table below:
| Type
Of Assistance |
Summary |
|
|
Includes
assistance to Eagle Commercial
Bank (553.3m) and Eagle Permanent
Building Society ($140m).
Additional assistance was
provided to Eagle Commercial Bank
to facilitate the payout of
advances given by the Bank of
Jamaica. The extent of this
advance is included in the
amounts outstanding from Crown
Eagle Life Insurance Company.
Loans
advanced for a period of 7 years
at the rate of 12.5% per annum
FINSAC has
the right to issue further
securities in lieu of interest
payments due to the security.
Security
is except from Transfer Tax,
Stamp Duty and all other taxes
applicable to the Government of
Jamaica Local Registered Stock.
FINSAC
Appointed Directors:
Patrick Hylton, Derrick Milling,
Lloyd Wiggan, Keith Senior,
Rosemarie Morgan.
|
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