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The Supervisor of Banks has approved a further postponement of loan payments
The comprehensive outline adopted in May and extended and expanded in July will be expanded again.
Customers who have postponed payments for up to 6 months will be able to receive an extension until December, customers who have not yet postponed will receive a postponement for up to 6 months without the bank's discretion: "Designed to give breathing space"
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Tuesday, 29 September 2020, 11:58
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The Supervisor of Banks today (Tuesday) approved a further extension and expansion of the comprehensive outline for deferring bank loan payments.
On May 7, 2020, the Supervisor formulated an outline, adopted by the banking system, that allows customers to defer loan payments in three operating segments: mortgages, consumer credit and business credit.
The goal is to continue to assist customers in dealing with the cash flow difficulties following the consequences of the crisis, while managing risk wisely and responsibly, the Supervisor of Banks announced on 13.7.2020 the extension of the outline and its expansion and now announces another expansion that will take effect from 1.10.
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"The banks' commitment to deferring loans is welcome."
Governor of the Bank of Israel Prof. Amir Yaron (Photo: Reuters)
Outline Principles
The period for submitting the application for deferral of loan payments will be extended until the end of the year, ie, until 31.12.2020.
The extension of the period includes all types of loans: mortgages, consumer credit and business credit
Consumer loans up to NIS 100,000: Customers who have postponed payments for a period of up to 6 months will be able to receive an additional deferral until 31.12.20 (and in fact reach a cumulative deferral of up to 9 months).
Customers who have not yet deferred payments and are now interested in deferring them will be able to receive a deferral of up to 6 months.
The deferral without the bank's discretion is that of the principal component of the loan.
A bank may also allow a deferral of interest in addition to the deferral of the principal
Mortgages and credit for businesses: will continue to apply as stated in the last outline published
The outline that is formulated presents the minimum conditions for deferring loan payments and any bank may (as is done in some banks) expand it for the benefit of its customers and at their request.
The Governor of the Bank of Israel,
Prof. Amir Yaron:
"Since the beginning of the crisis, we have been working with methods and tools that have never been used to enable the proper functioning of the economy and financial markets, along with a constant effort to advise government policy. Using tools provided by the Bank of Israel, it is another tool to help victims of the crisis, mortgage holders, and other borrowers who need this bridge to get through the difficult period. At the same time, it is important to emphasize that the coming months will allow banks and customers to start preparing for the day after the loan is deferred and to regulate the manner in which the loan is spread out as required. "
The Supervisor of Banks,
Yair Avidan:
"The additional extension of the outline is intended to give additional 'breathing space' to customers who have experienced additional difficulties as a result of the crisis and its aftermath. One - the relief for customers. I congratulate the banking system on its commitment to expanding and extending the outline for the benefit of their customers, in this complex period. The consequences of the deferral, including its economic price (interest rate, the amount of the monthly charge to charge after the deferral, etc.).
It is recommended to implement this alternative only after examining its necessity and cost.
It is important to note that the deferral of payments will not be possible for an indefinite period, and therefore we must act resolutely in order to reach payment arrangements and repayment of the debts, which match the customers' capabilities, taking into account the challenges of the period. "
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