Extension of the sector-wide moratoria agreement
Andorran Banks have reached an agreement to extend the sector wide moratoria agreement to March 31 2021. The first sector-wide moratoria agreement on loan repayments applied to businesses and families affected by the coronavirus crisis was approved in June.
The extension follows the one approved on December 2 by the European Banking Association.
The period of time for which payments on a certain loan can be suspended, postponed or reduced as a result of the application of general payment moratoria should not exceed an overall length of 9 months. This time limit will not apply for those applications prior September 30 2020 which will maintain the scheduled payment agreed.
The sector wide agreement complements the legislative moratoria approved by the Andorran Government.
Other economic measures
On December 4, Andorra’s parliament approved a new law on exceptional and urgent measures in the light of the health emergency caused by the SARS-CoV-2 pandemic. This law resumes the labour measures previously taken whilst adapting them to the new needs derived from the persistent emergency situation. Amongst them, the legislative moratoria is extended to June 30 2021.
On November 18, a new decree was approved to extend the soft loan programme in place with the aim of covering water, heating, electricity and phone supplies, as well as the financing of expenses related to the leasing of commercial spaces.
Furthermore, this new programme allows for the use of those amounts not used under previous soft loan programmes.
On December 2, another soft loan programme was approved aimed at leases and mortgage payments of gambling rooms.
