Extension of the six-month moratorium on loan repayments
Extension of the six-month moratorium on loan repayment
The six-month moratorium on the repayment of credit facilities sanctioned prior to 1 March 2020 has been extended by a further six- month period.
Legal Notice 278, published on 30 June 2020 extends by 6 months the moratorium period established by the Moratorium on Credit Facilities in Exceptional Circumstances Regulations, 2020. Through these regulations, credit and financial institutions licensed by the Malta Financial Services Authority had been directed to offer a six-month moratorium, now extended by a further six-month period, on repayment of credit facilities sanctioned prior to 1 March 2020 - whether to individuals, households or businesses - who showed that they have been negatively affected by the COVID-19pandemic.
Applications for the extension can be made by 30 September 2020. The extension applies only to borrowers who have been granted a moratorium on credit facilities between 1 March 2020 and 30 June 2020.
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