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It also prescribed the conditions under which banks and leasing providers are obliged to facilitate the repayment of obligations to other debtors: farmers, entrepreneurs and companies, who have faced financial difficulties due to the pandemic.
In an extraordinary session, the Executive Board of the National Bank of Serbia adopted the Decision on interim measures for banks in order to properly manage credit risk under the conditions of the Kovid 19 pandemic, as well as the Decision on interim measures for leasing providers.
With these decisions, the SbN prescribes the measures and activities that banks and financial leasing providers are obliged to apply to adequately manage credit risk, which means identifying possible difficulties with debtors in a timely manner and taking appropriate measures.
For this reason, the National Bank of Serbia prescribes an obligation to the debtor (natural person, farmer, businessman and company), who due to the circumstances caused by the pandemic cannot settle its obligations with the bank or financial leasing provider, or who can have difficulties to Once these obligations are settled, at your request, it will grant relief in the payment of the obligations, indicated in the central bank’s announcement.
Who needs relief
The National Bank of Serbia has estimated that the need for benefits is especially for the unemployed, debtors whose average net monthly income in the last three months is below the average salary in Serbia, as well as debtors with average net monthly income in the last three months up to 120,000 dinars. Net monthly income is 10 percent or more lower compared to income prior to March 15, 2020 and whose degree of credit indebtedness, that is, the burden of monthly income on credit and other liabilities exceeds 40 percent of that income.
For farmers, entrepreneurs and companies, it is estimated that relief should be offered in the payment of liabilities especially to debtors who in 2020 had a decrease in operating income, that is, a turnover of at least 15 percent compared to 2019 or there was an interruption of the debtor’s business in a continuous period of at least 30 days due to the kovid-19 pandemic.
Debtors who are in arrears for more than 30 days in a materially significant amount on the basis of any obligation to which the decision applies will also be entitled to the established relief.
What do they mean
In addition to the foregoing, banks and financial leasing providers have the opportunity to grant relief to the debtor at the reasoned request of the debtor, if due to other facts and circumstances they consider that the financial situation has deteriorated and it is impossible to settle the debtor’s obligations.
The exemptions provided for by the decisions refer to the rescheduling and refinancing of loans and financial lease liabilities, with the approval of a six-month grace period and the appropriate extension of the repayment period so that the debtor’s monthly obligations do not exceed the of the amortization plan. During the grace period, the bank calculates the interest, so the debtor, in the application, decides whether to pay interest during the grace period or after its maturity.
Other credit products, credit card and allowed overdrafts, may be covered by exemptions in accordance with this decision, granting a loan to refinance obligations based on these products with a grace period of six months, and a monthly payment agreed with a repayment period. it is extended in such a way that the monthly obligations do not exceed the monthly obligations that the debtor would otherwise pay for that product.
The National Bank of Serbia especially points out that banks, that is, leasing providers, cannot charge a fee for the measures and activities taken in accordance with the decisions, as well as the costs they may incur in relation to these measures and activities. , including costs of processing customer requests, except costs necessary for approval of accounts receivable, which are not determined by the bank or leasing providers (for example, credit bureau or real estate cadastre) .
How to request relief
In accordance with the decisions, banks and financial leasing providers will publish a notice on their website and in their branches no later than December 22, 2020, informing debtors about the possibilities of submitting applications for benefits, as well as the conditions that should be. debtor to comply.
All debtors who meet the prescribed conditions may submit a claim for benefits to the bank / leasing company electronically or by mail, as well as in business premises until April 30, 2021, provided that debtors are advised that give preference to electronic media due to the current epidemiological situation. .
The bank, that is, the lessor of the financial lease, is obliged to decide on the request of the debtor and inform the debtor of that decision within 30 days of receiving the request.
The decisions taken come into effect tomorrow, and debtors can submit an application for the declared exemption from the next day, regardless of the notification from the banks / finance leasing providers.
The NBS, as before, will carefully monitor the impact of changing circumstances on all relevant market participants and will responsibly take action within its competence aimed at preserving the stability of the financial system, which is a prerequisite for preserving and enhancing the economic growth as a whole. .
