The credit institutions integrated into AEB and CECA are voluntarily joining forces to implement a new measure to assist customers financially affected by the coronavirus crisis. This involves a deferral of up to twelve months on capital repayment for individuals financially impacted by the COVID-19 situation who have a mortgage on their primary residence and request it. Additionally, the principal payment on personal consumer loans is deferred for a period of up to six months. This means that customers will only pay the corresponding interest on these loans, which will significantly reduce the amount they have been paying until now.
This sectoral initiative is additional and complementary to the measures announced by the Government so far, demonstrating the firm commitment of banks to support and help families affected by the crisis overcome this difficult situation.
The new measure implies that customers who request it will only be responsible for paying the interest on the loan, deferring the principal repayment. This reduces the monthly amount they will pay during this period and will allow them to face the situation with greater liquidity. The deferral would be implemented, depending on the case and the institution’s criteria, through a personal loan, a modification of the mortgage loan, or another financially equivalent formula.
Since the beginning of the coronavirus crisis, banks have been dedicated to helping their customers with voluntary measures and contributing to the recovery from the economic crisis caused by COVID-19. Collectively and individually, they have announced different solutions to help those most in need and have expressed their willingness to collaborate with the measures adopted by the Government to mitigate the economic effects of this situation. Therefore, the measure announced today is voluntarily assumed by each entity, without prejudice to other support measures for the same purpose that each may offer to its customers.
The boards of AEB and CECA will approve the sectoral agreement embodying this initiative in the coming days, which will specify its conditions and procedural aspects.
