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The Executive Board of the National Bank of Serbia (NBS) today adopted decisions in an extraordinary session, which will allow easier repayment of loans to debtors affected by the corona virus pandemic, the NBS announced.
Photo: Bojan Cvejić “Given the complexity of the impact of the circumstances caused by the COVID-19 pandemic on citizens and the economy, the NBS determined that there is room for additional measures aimed at facilitating the liquidation of debtors facing difficulties due to the pandemic and the responsible management of the credit risk of banks and suppliers. financial leasing in the current circumstances, “said the central bank.
The decisions were adopted on temporary measures for banks to adequately manage credit risk under the conditions of the COVID-19 pandemic and the Decision on temporary measures for financial lenders in order to adequately manage credit risk under the conditions of the COVID-19 pandemic, which will go into effect tomorrow.
The SbN, as explained, prescribes the measures and activities that banks and financial leasing providers are required to apply to properly manage credit risk, which means identifying potential difficulties with debtors in a timely manner and taking appropriate measures.
They have an obligation with the debtor (natural person, farmer, entrepreneur and company), who due to the circumstances caused by the COVID-19 pandemic cannot settle their obligations with the bank or financial leasing provider, or who may have difficulties to settle these obligations, your request, grant relief in the payment of obligations.
The NBS estimated that the need for benefits is especially for unemployed people, 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, and whose net monthly income is less by 10 percent or more in relation to the income before March 15, 2020 and whose degree of credit indebtedness, that is, the burden of monthly income on credit and other obligations is more than 40 percent of that income.
For farmers, entrepreneurs and companies, it is estimated that relief should be offered in the payment of obligations especially to debtors who in 2020 had a decrease in operating income, that is, a turnover of at least 15 percent in compared to 2019 or there was a continuous interruption of the debtor’s business for at least 30 days due to the COVID19 pandemic.
In addition, debtors who are in arrears for more than 30 days in a substantially significant amount on the basis of any obligation to which the decision applies will be entitled to these exemptions.
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, can be covered by exemptions according to 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 period of Repayment 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.
Banks, that is, financial leasing companies, cannot charge a fee for the measures and activities taken in accordance with the decisions, as well as the costs that they may have in relation to these measures and activities, including the costs of processing of customer requests, except for costs necessary to approve claims. This is not determined by the bank or financial leasing providers, but, for example, by a credit bureau or a real estate cadastre.
Banks and financial leasing providers are obliged to publish a notice on their website and in their branches no later than December 22 of this year, informing debtors about the possibilities of requesting relief, as well as the conditions that must comply with the debtor in this regard.
All debtors meeting the prescribed conditions can submit to the bank / financial lessor an application for benefits electronically or by mail, as well as in business premises until April 30, 2021, and the NBS advised debtors to 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 from the date of receipt of the request.
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