VM Group $3b in moratorium affect profit

VM Group placed $3 billion in loans under moratorium following Hurricane Melissa, absorbing a short-term hit to fee income, as it balanced member relief over near-term profit Group Chief Financial Officer Frederick Williams said members had to apply for the moratorium rather than have it applied automatically. He did not immediately have figures on how many took up the offer or the breakdown of loan types deferred. The moratorium was offered for up to six months, and select fees were also suspended for affected members.