Dear Clients,

A stay of payment (repayment moratorium) came into force based on Government Decree 47/2020. (III. 18.). This means that all debtors are given a respite on fulfilling the principal, interest and fee payment obligation under their loan, credit and leasing agreements.

In this respect, we inform you of the following details:

  • All credit, loan and lease agreements are subject to the repayment moratorium. The moratorium does not apply to other, for example, account management contracts.
  • The repayment moratorium is in effect from 19 March 2020 to 31 December 2020, that is for 288 days.
  • The repayment moratorium is applicable to loans disbursed under contracts in effect at 24:00 on 18 March 2020.
  • The repayment moratorium does not apply to amounts disbursed on or after 19 March 2020, nor to agreements that terminated (expired or were terminated by a party) prior to this date, but such agreements must be performed contractually, unless agreed otherwise by the parties.
  • The repayment moratorium has come into force by operation of law, therefore, it need not be applied for. Please notify us by phone via your personal contact or by email if you do not want to be covered by the moratorium.
  • If the account(s) of your company was/were debited through our automated processes on 19 March 2020 due to your payment obligation covered by the moratorium, the debited amount will be credited with a retroactive value date.
  • Your company has no principal, interest and fee payment obligation – with respect to the agreement covered by the moratorium – during the repayment moratorium. All payment due dates will be extended by the duration of the moratorium, i.e. by 288 days.
  • Agreements expiring during the repayment moratorium are extended until the end of the moratorium. The provisions in the above bullet point also apply to the due date of payments under such expiring agreements.
  • The moratorium also applies to the term of the collateral agreements granted to the bank
  • The term of the collateral (bank guarantee) provided by Commerzbank Zrt. to secure payment obligations subject to the moratorium period is also extended.
  • Please note that all other obligations (e.g. data supply, provisions of a supplementary collateral) continue to apply and must be fulfilled contractually during the moratorium. We request your cooperation in the above.

As we have done until now, we continue to offer custom solutions to your company to assist you in your daily finances. Unfortunately, we have to provide our services without meeting you personally in the current situation. However, we wish to assure you that continuous communication and consultation with you has become an even higher priority in the present situation.

For this reason, our colleagues will consult you on an ongoing basis about the latest news and financial situation relevant to your company, the wide range of financial solutions our bank has to offer and the detailed schedule of your payment obligations going forward. Please contact your relationship manager by phone or email with any questions or requests.

Best regards,

Commerzbank Zrt.