21 May Bank news

Legal entities have an opportunity to get a longer grace period

Finance Latvia Association in cooperation with its members, including AS “Reģionālā investīciju banka”, continued its work on the development of support instruments for bank customers. In addition to the Moratorium for private individuals, it has developed the Moratorium for legal entities experiencing temporary financial difficulties due to the spread of COVID-19, which ensures an opportunity to postpone loan principal repayment for up to six months.
The Moratorium applies to legal entities and other performers of economic activities, who are not self-employed. The Moratorium provides for changing the loan principal repayment schedule if the loan agreement stipulates the repayment of the principal amount in instalments. At the customer’s discretion, loan principal repayment is postponed either fully or partially for a period of up to six months as stipulated by the Moratorium. During this period, the customer must continue paying interest and insurance premiums, as well as making payments stipulated by the loan agreement, other than the principal amount. Terms and conditions to be observed by loan obligors to use the possibilities provided by the moratorium are available here.
A request for the grace period can be submitted in the Internet Banking system in the form of a message or by contacting your personal customer transactions manager.
The Moratorium has been agreed by the Financial and Capital Market Commission and examined by the Competition Council after consultations with the European Commission.