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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 measures: 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 codebtors, guarantors, or security providers must approve the new terms in order for the amended terms to be enforceable towards them.