Banks extend the pandemic loan payment freeze for another month

Banks extend the pandemic loan payment freeze for another month

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The deferment in the payment of credits granted by the banks in the midst of the crisis due to the COVID-19 pandemic will last one more month, announced the National Banking and Securities Commission (CNBV).

The measure will allow individuals and companies to request the restructuring of consumer, housing and commercial loans until July 31.

Since March, the CNBV announced the application of Special Accounting Criteria (CCE) for banks, which allowed these financial institutions to grant a grace period of 4 to 6 months to families and companies during which they did not have to pay the debt or the interest on your loans current as of February 28, without generating default interest or affecting your credit history.

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With this new postponement, credits authorized in March may be incorporated into the benefit.

“The established term of 120 calendar days to receive and attend requests for credit restructuring expired on June 26. However, considering the current contingency conditions, the CNBV decided to extend the validity of the CCE until July 31, ”the Ministry of Finance said in a statement.

“The extension of the implementation period for the restructuring until the end of July will allow financial institutions to finish analyzing and, where appropriate, approve pending applications. Likewise, those credit operations authorized in March that were later impacted by the negative effects of the contingency will be able to take advantage of these facilities. ”

The Treasury pointed out that the CCEs allowed that the restructured loans were not registered as past due loans, which led to the continued granting of loans to families and companies during the contingency.

The agency reported that, at the end of May, more than 7 million people and companies have benefited from debt restructuring by commercial banks.

The amount of the restructured loans, he detailed, amounts to 916 thousand 094 million pesos.

The companies that benefited the most, he added, were those that were severely affected by the confinement, such as those of hotels, construction, recreation and education.

Read more: IMSS has approved 157 thousand credits before COVID-19; just 24% of the goal

The amount of loans restructured by commercial banks was distributed as follows: 33.9% mortgage (equivalent to 310.4 billion pesos); 23.7% corporate (216.6 billion pesos); 14.7% SMEs (134.2 billion pesos); 10.3% credit card (94.2 billion pesos); 7% personal loans (64.1 billion pesos); 6.3% payroll (57.5 billion pesos) and 4.2% automotive (38.5 billion pesos).

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The charge Banks extend the freezing of credit payments for the pandemic for another month first appeared in Political Animal.

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