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Published On: Fri, Mar 19th, 2021

Large part of Girobank NV’s customers credit balances will soon be available


Willemstad/Philipsburg – On December 10, 2019, a moratorium was set at Girobank N.V. (Girobank),
freezing all credit balances in excess of NAf 10,000 on Girobank’s current and/or savings accounts. A
large part of these frozen assets will be paid out by GI-RO Settlement Holding N.V. (GSH) in short
term, meaning that the majority of Girobank’s depositors will have free and full access to their funds.
This, however, is not the case for depositors with a credit balance of more than NAf 1,200,000. These
will be paid out to a maximum of NAf 1,200,000.

Withdrawal of the payouts by GSH can be done by transferring the funds to an account at any other
commercial bank. Depositors who do not yet have an account at another bank, are urged to open such
account as soon as possible. Transferring of funds can be done through online banking. Given the
current Covid-19 situation, it is not advisable to visit the Girobank branches, being Scharloo or Janwé.
The funds can also be withdrawn at any ATM machine, keeping in mind the daily withdrawal limits.
However, due to safety reasons, it is not recommended to withdraw large sums of cash.
Girobank’s depositors will soon receive further details regarding the above.

Furthermore, with respect to depositors with a payable debt at Girobank, such as a loan or other type
of credit with arrear, this debt will be deducted from the payout by GSH. These depositors will have
free access to the amount that remains after deduction.

Depositors with outstanding debt or other loans can opt to reduce or settle their loan with the upcoming
payout. Depositors who wish to do so, may contact Girobank.

The Netherlands extended a zero-interest loan of NAf 170,000,000 to Curacao, which enables GSH to
make payouts to Girobank’s accountholders for amounts up to the above-mentioned maximum of NAf
1,200,000. GSH was established on December 28, 2020, to manage and collect Girobank’s outstanding
loans. GSH will first redeem the Dutch loan using the proceeds of the management and collection of
Girobank’s loans. Curacao and GSH have negotiated an agreement in this respect.

After having redeemed the loan, other proceeds following from management and collection of
Girobank’s loans will be used by GSH, in accordance with its statutory duty, in favor of depositors with
balances of more than NAf 1,200,000. These depositors will be informed in due time.



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