S.L. 465.40 Art. 5Moratorium on credit facilities for economically vulnerable persons.

(1) Credit and financial institutions shall grant a moratorium on capital and interest, unless the borrower decides to continue to pay the relevant interest, applicable to all credit facilities satisfying the eligibility criteria established under a directive issued by the Central Bank, with the exception of credit facilities to other credit and financial institutions.

(2) The duration of the moratorium shall be for a period not exceeding nine (9) months:

Provided that the Minister may, after consultation with the Minister for Finance and Employment, extend the duration of the moratorium by notice published in the Gazette.

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(3) Applications shall be made during the period until 31 March 2021, unless the Minister, after consultation with the Minister for Finance and Employment, decides to extend the duration of the application period.

(4) Applicants granted a moratorium pursuant to the Moratorium on Credit Facilities in Exceptional Circumstances

Regulations and the Moratorium on Credit Facilities in Exceptional Circumstances (Extension) Regulations, are eligible to apply for an extension of the moratorium under these regulations, provided that this extension does not lead, in aggregate, to a moratorium period in excess of nine (9) months.

(5) The extension referred to in sub-regulation (4) shall require submission of an application for extension, with the period for applications ending on 31st March 2021.