ABI, Alliance of Italian Cooperatives (AGCI, Confcooperative, Legacoop) CIA-Agricoltori Italiani, CLAAI, Coldiretti, Confagricoltura, Confapi, Confedilizia, Confetra, Confimi Industry, Confindustria and Business Network Italy (Casartigiani, Cna, Confartigianato, Confcommercio, Confersercenti) expand and strengthen the moratoriums
The ABI and the associations representing companies had signed on November 15, 2018 the Credit Agreement 2019 which provides, in relation to small and medium-sized enterprises (SMEs), the possibility for member banks and financial intermediaries to suspend up to to one year the payment of the principal portion of the loan installments and to extend the maturity of the loans.
On March 6, at the beginning of the COVID-19 crisis, the ABI and business associations signed an Addendum to extend the moratoriums also to loans in place until January 31, 2020, granted to performing SMEs, damaged by the diffusion of COVID-19.
The ABI and the business associations have decided to extend the moratoriums also in favor of larger companies that self-certify that they have been damaged by the "COVID-19".
The moratoriums can be requested until 30 June 2020. This term can be extended on the basis of the indications of the Banking Supervisory Authorities.
The moratorium for large companies can be requested by companies that did not present debt exposures classified as impaired pursuant to the regulations as of 31 January 2020. Companies classified as non-performing are excluded.
The possibility is envisaged for banks to offer improved operating methods and solutions compared to those provided for in the new Agreement. In particular, the member banks can extend the duration of the suspension of the capital portion of the loan installments up to 24 months for companies belonging to specific sectors or production chains with greater difficulties in recovering from the damage resulting from COVID-19: these measures can be also applied to SMEs.
ABI, Alliance of Italian Cooperatives (AGCI, Confcooperative, Legacoop) CIA-Agricoltori Italiani, CLAAI, Coldiretti, Confagricoltura, Confapi, Confedilizia, Confetra, Confimi Industry, Confindustria and Italian Business Network (Casartigiani, Cna, Confartigianato, Confcommercio, Confersercenti) have agreed these forecasts in a special new Addendum to the 2019 Credit Agreement.