HKMA-Repayment of Trade Facilities Deferred by the Banking Sector for Another 90-day Period.
ENPNewswire-January 12, 2022--HKMA-Repayment of Trade Facilities Deferred by the Banking Sector for Another 90-day Period
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Release date- 11012022 - The Hong Kong Monetary Authority (HKMA), together with the Banking Sector SME Lending Coordination Mechanism (Mechanism), today (11 January) announced a further 90-day repayment deferment for trade facilities under the Pre-approved Principal Payment Holiday Scheme (Scheme).
The rapid spread of the COVID-19 variant in various places around the world is creating uncertainties for economic recovery. At the same time, ongoing global supply-chain disruptions continue to put pressure on corporates hard-hit by the pandemic. The Mechanism has therefore decided to extend the repayment period of trade facilities under the Scheme for a further 90-day period until the end of April this year. As for the way forward for the whole Scheme, which is due to expire at the end of April, the HKMA and the Mechanism are considering ways to strike a balance between banks' need for prudent risk management and supporting corporates that are still hard-pressed by the pandemic.
Corporate customers participating in the repayment deferment for trade facilities under the Scheme can, if in need, extend trade facilities falling due between February and April this year for a further 90 days. Eligible corporate customers can also apply for a 90-day extension of trade facilities drawn down from November 2021 to the end of January this year. For facilities which are self-liquidating in nature, banks may require the loan to be settled when the customer has received the underlying payment. For trade loans which have been successively extended for 270 days or more since first being drawn down, banks may adopt a flexible approach and consider whether other forms of relief are more suitable to help the customers ride out the current difficulties on a case-by-case basis, subject to prudent risk management principles.
If corporate customers have...
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