Central Bank reaches agreement to protect Ennia pensions

PHILIPSBURG — The Central Bank of Curacao and St. Maarten (CBCS) has reached an agreement with the governments of Curacao and St. Maarten whereby there is no need for cuts in the pensions of Ennia policy holders.

During the past couple of weeks the CBCS worked on a plan for the resolution of the problems at Ennia, it stated in a press release.

The bank reached an agreement on the technical levels about the agreement, but the press release does not offer any details about its contents. Based on the agreement Ennia Leven, the entity that is responsible for the pensions, will be able to make a partial restart.

“This solution guarantees the continuity and the service of the Ennia Group,” the press release states.

The implementation of the agreement is still subject to approval based on the legislation of Curacao and St. Maarten. The bank does not make clear whether this means that the solution is requires approval from the parliaments of both countries.

“The CBCS will inform all Ennia stakeholders as good as possible about the progress of the implementation of this solution,” the press release state. “During the process the CBCS will continue to protect the interests of the joint creditors of the Ennia Group, like the policy holders.”