Debt moratorium information for corporate customers - Information and declaration forms for small businesses, mid and large corporates
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With Government Decree 47/2020 (III.18.) - and Government Decree 62/2020 (III.24.) on the detailed rules of the measures described therein - the Government of Hungary ordered a debt moratorium (payment extension).
- The debt moratorium covers the performance of all principal, interest and fee payment obligations of all retail and corporate customers (including sole proprietors and small-scale agricultural producers as well) arising from credit, loan and financial lease agreements. The payment moratorium does not cover bank guarantee and letter of credit agreements or factoring contracts.
- In respect of loans and credits already disbursed on the basis of contracts concluded, effective and existing at 24:00 on the date of 18 March 2020, the Customers will not have payment obligations of any kind to the Bank until the date of 31 December 2020.
- In accordance with the Government Decree, the debt moratorium entered into force as of 19 March 2020, it concerns all customers automatically, and covers all payment obligations described in the decree.
Having regard to the debt moratorium, Raiffeisen Bank has stopped the collection of repayment instalments and due interests and charges in the case of the contracts falling within the scope of the moratorium. You have no further tasks in this respect.
- This means that all obligations to pay principal, interest and charges are postponed to the period following the moratorium, thus any principal, interest and fee items unpaid during the debt moratorium will have to be paid after the moratorium only. The amount of the repayment instalments payable by the Customer after the expiry of the moratorium shall not increase due to the fact that the opportunity for the moratorium has been taken by the Customer, which is to be ensured through the extension of the duration of the loan by a period longer than the period of the moratorium. This means that after the expiry of the debt moratorium, the due date for the performance of contractual obligations and the period of commitment shall be automatically extended by the length of the debt moratorium at least. Contracts expiring during the debt moratorium shall also be extended until the date of 31 December 2020. Of the timing and due dates of performance of the extended payment obligations, you will be informed in due course in writing and/or via your account manager.
- The period of the debt moratorium may be extended by the Government in a decree.
- As the debt moratorium also concerns all collateral commitments related to credit, loan and financial lease agreements, the moratorium affects for example guarantee agreements, mortgage agreements, financial collateral agreements, etc. as well—irrespective of whether the collateral commitment is included in a contract or in a unilateral declaration—which means that the commitments made by any collateral providers are also extended. The Bank has stopped the collection of charges in respect of these items as well.
- However, if you find that despite the aforesaid the Bank has debited your account with any items concerned by the debt moratorium, please let us know, and the Bank will re-transfer such amount to your payment account.
Our Customers may decide to continue repaying their debts in accordance with their original contracts and the relevant terms, therefore taking into account the financial condition of your business you may consider which solution suits your present possibilities and future plans better.
- If your business wishes to continue repaying its loans in accordance with the original contract, please complete our form, furnish it with authorised signatures or signatures registered with the Bank, and return it to the Bank using any of the channels shown in the declaration. You may cancel such declaration of yours at any time during the period of the debt moratorium. If you have several contracts falling within the scope of the moratorium, you may as well decide differently in the case of each contract.
- If you have made a declaration that you wish to repay your loan in accordance with the original contract, but the coverage for a particular repayment instalment, or interest or fee payment is unavailable during the term of the moratorium, the legal consequences of default will not be enforced, but the rules of the debt moratorium will take effect automatically for the given transaction.
Despite the extraordinary situation, our cooperation with our Customers remains undisturbed, and continuous contact with the Bank is ensured.
Should you have any questions related to the aforesaid, and in particular if you are uncertain about how the rules of the debt moratorium concern a given contract, please contact your assigned account manager.
Please use primarily our e-mail or mobile phone channels to contact us!
Raiffeisen Bank Zrt.
This prospectus and the opt-out form are available in our website www.raiffeisen.hu/moratorium/vallalati as well.