New banking measures have been adopted to tackle unemployment and stimulate lending in an effor to improve the economies of Eastern Caribbean nations. Although the economy of the OECS grew by 1.4% in 2014, the islands continue to be burdened by high unemployment and slow growth. The banking system has been hit hard by non-performing loans and a decrease in borrowing. Minimun savings deposit rates have been reduced from 3% to 2% to reduce banking costs and ensure more credit on better terms. A deposit insurance fund and a management corporation have also been established. Businessmen welcome the measures but say borrowers must learn to pay their loans. St. Lucian residents say they are looking forward to better loan conditions. Alison Kentish reports from St. Lucia for teleSUR.
