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Government Emergency Ordinance no. 37

Purpose: moratorium of credit facilities from credit institutions and non-banking financial institutions as creditors.

Main measure: borrowers under credit facilities (including leasing) may opt in for suspension of payments (principal, interest and costs), and postponing of maturity for maximum 9 months, however not exceeding 31 December 2020.


  • the creditor grants moratorium pursuant to the borrower’s application if: (i) the credit facility is not yet matured, there are no overdue amounts payable or such amounts are paid until the borrower’s application for moratorium, and (ii) the borrower declares that its income has been affected by the COVID-19 situation (in case of legal persons, the emergency situation certificate stating the decrease of income by 25% in March 2020 compared to the previous 2 months, or the business stop, must also be filed with the creditor, and no insolvency proceedings must have been registered against it);
  • in all cases except for mortgage loans, the interest corresponding to the suspension period will accrue to the principal. In case of mortgage loan, the payment of such interest is secured by the state;
  • the amendment of the credit facility agreement is achieved by the bank’s notification to the borrower comprising the amended clauses. The approval of the new terms by any codebtor, guarantor, or security provider is necessary in order for the amended terms of the credit facility to be enforceable towards them.
  • the procedural steps to be followed by the borrowers and the creditors in order to achieve moratorium have been further detailed by Government Decision 270/ 06.04.2020.