WILLEMSTAD – A XCG 170 million loan provided by the Netherlands as part of the resolution of Girobank is expected to be fully repaid in just five years instead of the originally scheduled 15 years, according to the 2025 Annual Report of the Central Bank of Curaçao and Sint Maarten (CBCS).
The substantially accelerated repayment is the result of recoveries from Girobank's loan portfolio managed by GIRO Settlement Holding N.V. (GSH).
The CBCS says settlements of the portfolio have progressed well since April 2021, allowing GSH to repay the Dutch loan far more rapidly than originally anticipated.
The final outstanding tranche of XCG 19.5 million is expected to be paid in July 2026 in accordance with the repayment schedule.
Under the regular schedule, only XCG 56.5 million should have been repaid during the period in question, based on annual repayments of XCG 11.3 million. Instead, GSH will have repaid XCG 170 million, or XCG 113.5 million more than originally scheduled for that period.
This effectively reduces the repayment period from 15 years to five.
The development could eventually also benefit former Girobank depositors who still have outstanding balances.
According to the CBCS, any amount recovered from the loan portfolio above the XCG 170 million owed to the Netherlands will become available for distribution to depositors with outstanding Girobank balances above XCG 1.2 million.
Those payments will be made according to established rules and criteria contained in the Disbursement Policy.
The CBCS said the structure chosen for Girobank's controlled resolution has helped preserve financial stability while maximizing the amount that can ultimately be recovered for remaining depositors.
The resolution was structured through a special-purpose vehicle following consultations between the Netherlands and the Curaçao government in 2019 and 2020, with checks and balances under CBCS supervision.
The liquidation process itself, however, is not yet complete.
During 2025, Girobank continued contacting depositors, paying eligible balances and closing accounts. A total of 83 accounts were closed during the year.
Approximately 496 accounts with positive balances were still open at the end of 2025. According to the CBCS, most of those customers have not yet taken the steps necessary to close their accounts. Girobank continues to actively approach them.
Work also continues on Girobank's long-delayed financial audits. The bank is working to finalize audits covering 2015 and subsequent years. Draft audits for the years 2015 through 2018 have been completed.
Another unresolved issue is the former Girobank property at Scalaweg and the surrounding plots, which had originally been intended to become the bank's headquarters.
Efforts were made during 2025 to sell the property, with the asking price set at its appraised market value. However, Girobank was still searching for a buyer at the time of the CBCS report.
Further cost reductions are planned for 2026. The CBCS Resolution team intends to examine whether some remaining Girobank activities, including record keeping and payments to depositors, can be outsourced.
The objective is to reduce operating expenses as the controlled resolution moves toward completion.
The CBCS annual report also provides an update on First Curaçao International Bank (FCIB), whose resolution remains considerably less predictable.
According to the Central Bank, FCIB's resolution has become a lengthy process because of costly legal proceedings initiated by account holders and trustees of account holders in Curaçao and the United Kingdom.
Although the CBCS reported favorable judgments during 2025, it cautioned that parties could continue litigating through the highest judicial levels in both jurisdictions.
As a result, the Central Bank says it remains uncertain when FCIB's resolution under the emergency arrangement can finally be completed.