Earlier this month the Government issued a legal notice setting out the following:
- An application for a Moratorium can be made until 31st March 2021
- The duration of the moratorium is for up to 9 months.
Please click here.
The Central Bank of Malta has prepared a FAQ which can be downloaded by clicking here. The FAQ presents answers which include:
- First time applications
- Extension of an existing moratorium
- Borrower with a moratorium already exceeding nine months
- Borrower benefitting from a moratorium not exceeding nine months, he/she resumed loan repayments on the same loan, but he/she is still in distress and needs an extension
- Borrowers benefiting from a moratorium not exceeding nine months, did not apply for an extension and could not resume loan repayments on the same loan but now would like to apply for an extension
- First time applications, but subject to relief measures offered by the bank due to the closed application period(after September 2020)
Directive No 18 issued by the Central Bank of Malta on Moratoria on Credit Facilities in Exceptional Circumstances can be accessed by clicking here. This directive, amongst other matters, underlines that Applicants shall be eligible for the moratorium if, based on sufficient evidence, acceptable to their respective credit or financial institution, they can prove that their income has been or will be materially affected by the COVID-19 outbreak in such a way that adhering to the credit facility repayment commitment of both capital and/or interest in part or in full is temporarily materially impaired.