OTTAWA, March 18 (Xinhua) -- Canada's six big banks will allow mortgage payment deferrals for up to six months to help customers struggling with the financial impacts of the COVID-19 pandemic.
In a joint press release on Wednesday, the banks -- RBC, TD, BMO, Scotiabank, CIBC and National Bank -- said they are committed to working with retail and business customers on a case-by-case basis to provide "flexible solutions" for those facing hardship due to the disruptions caused by the pandemic.
The banks urged Canadians, including business owners, facing hardship to contact their bank directly to discuss options that may be available. They will also offer "opportunity for relief" on other credit products.
In a tweet on Wednesday morning, Neil Parmenter, president of the Canadian Bankers Association, said the measures are "effective immediately."
Businesses across the country have responded by cutting back, changing their operations and finding ways to allow employees to work from home.
The press release comes as Canada's housing agency -- the Canada Mortgage and Housing Corporation -- has been working to ensure that struggling homeowners are not forced into default during the health-care emergency. Enditem
