Extension of the terms in the moratorium on payments

  • 18/12/2020 18:05
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On 11.12.2020, a press release was published on the website of the Bulgarian National Bank (BNB) regarding the extension of the terms in the moratorium on payments. The BNB Governing Council pursuant to Art. 16, item 20 of the BNB Act and Art. 79a, para. 3 of the Credit Institutions Act approved the proposed by the Association of Banks in Bulgaria extension of the terms in the moratorium on payments until 31 March 2021, and the legislative changes are related to[1]:

  • extension of the deadline for submitting requests by the clients of the banks about deferral of liabilities - until 23 March 2021;

 

  • extension of the deadline for approval of these requests by the banks – until 31 March 2021;

 

  • extension of the deadline for deferral of the liabilities by the bank customers – until 31 December 2021, but not more than 9 months;

 

  • introduction of a requirement that the obligations subject to the moratorium be regular or overdue for less than 90 days as of the date of submission of the request for rescheduling;

  • introducing the possibility for the obligations for which a request for deferment has been submitted before 30 September 2020 to be additionally deferred, with the total period of all deferrals not exceeding 9 months.

[1] https://www.bnb.bg/PressOffice/POPressReleases/POPRDate/PR_20201211_BG# (only in the Bulgarian language).

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