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Information about the moratorium

Changes affecting loans and leasing agreements, in accordance with the relevant statutory provisions.

The expiration of the moratorium has been extended

We inform our clients, that the expiration of the moratorium has changed: it will be valid until September 30, 2021 in accordance with the relevant legislation. 

Moratorium

In respect of Government Decree no. 47/2020 (III. 18.) on the immediate actions necessary to mitigate the effects of the coronavirus pandemic on the national economy – repealed upon cessation of the state of danger – or in Act LVIII of 2020 on the transitional rules and epidemiological preparedness related to the cessation of the state of danger enacted in accordance with the said decree and Government Decree no. 637/2020 (XII. 22.) on the introduction of special emergency rules for the moratorium we provide our retail and corporate customers with a deferral of payment until September 30, 2021, for loan repayment (for the payment of principal, interest and fees). By 30 September 2021, contracts covered by the moratorium that would have expired during the period up to 30 September 2021 will not expire. 

In which cases did we set the extension automatically?

The extension of the moratorium was automatically set for contracts under the moratorium on 31 December 2020. Of course, our clients have the opportunity to opt out from the moratorium, they must make a declaration in this regard, the details of which can be found under Declaration Options.

In which cases did we not set the extension automatically?

Loans / leases already disbursed under contracts existing on 18 March 2020 that were not under the moratorium in December 2020 were not automatically subject to the extension of the moratorium, but it is still possible to opt in to the moratorium. To do this, you need to make a declaration, the details can be found under Declaration Options.

If you decide to use the moratorium extension and have previously placed a standing order to settle the instalments, you will need to withdraw it, they will not be stopped automatically! If you use the moratorium but have not yet withdrawn your standing order from the current account held with CIB Bank for loan repayment, the amount transferred under your order will be credited to your account.

Overdraft and credit card products

 

The repayment moratorium also applies to corporate, small-business and retail overdraft facilities and credit cards. 

For more details please click on the following links:

General information about the moratorium

  • The moratorium will run until September 30, 2021.
  • The moratorium applies to loans already disbursed under contracts existing on 18 March 2020 or, in the case of leasing contracts, to leases in respect of which CIB Leasing had already acquired ownership of the leased object on or before 18 March 2020 and the leased object had been handed over to the customer, regardless of whether the invoice had been paid. It is important to note, however, that the moratorium only took effect automatically from January on loans / leases that have been under the moratorium in December 2020. In the case of loans / leases that were not under the moratorium in December 2020, a declaration must be made if you wish to benefit from the moratorium from January on.
  • The moratorium continues to apply to loans from financial institutions as well as financial leasing.
  • In the case of ‘Babaváró’ loans, the state guarantee fee is not payable for the duration of the payment moratorium.
  • The law provides for the possibility to repay the loan according to the original terms of the contract.

Payment obligation after the moratorium

  • The interest and fee accrued during the moratorium, together with the installments due in the remaining term, must be paid in equal annual installments during the term after the expiration of the payment moratorium.
  • After the expiration of the moratorium, the term shall be extended in such a way that the combined amount of the installment due and the interest and fee payable in installments arising during the payment moratorium does not exceed the amount of the installments under the original contract.
Guide to the interpretation of closing letters

 

All customers will receive an information letter on the closure of the first period of the moratorium (Moratorium 1: 19 March 2020 – 31 December 2020). While the letter must also be sent to customers who are currently under moratorium, it is important that it only concerns Moratorium 1. With the following aid, we aim to provide assistance to the interpretation of information in the closing letter. 

Which customers receive a closing letter?

  • Each customer who has spent even a single day under Moratorium 1 will receive the closing letter. 
  • The letter will be sent to the principal debtors of loan transactions, collateral providers and surety providers. 
  • Customers still under moratorium since 1 January 2021 will also receive the closing letter on Moratorium 1. This is because the two moratorium periods are governed by two separate pieces of legislation and we are obliged to inform customers currently under Moratorium 2 of the status of their loan transactions under Moratorium 1. 
    • In that case, please note that the liabilities specified in the closing letter will not fall due until a credit/loan agreement is subject to Moratorium 2. 

How are closing letters sent?

  • CIB Bank mobile application: customers with the CIB Bank mobile application will find the closing letter uploaded to the Agreements menu in the application.
  • By post: customers without the CIB Bank mobile application will receive the closing letter in paper format, sent by post. 

What information will you find in the letter? 

As mentioned above, the closing letter will be sent to principal debtors, collateral providers and surety providers. 

Both letters include some identical information

  • Date of entry under the moratorium: by default, the date is 19 March 2020; however, if you left and re-entered Moratorium 1, the last date of entry will appear. 
  • Date of opting out of the moratorium: if you have been under Moratorium 1 all along, the date is 31 December 2020; if you opted out and re-entered the moratorium, the last date of exit will appear.

Letter to debtors:

You will find two tables in the letter. Importantly, they show how the contract data changed when you opted out of Moratorium 1 or when Moratorium 1 expired. These are historical data, which were valid on your opt-out or 31 December 2020 at the latest. 

What do the data in the table stand for? 

  • Data in Table 1:

Outstanding principal amount:

The total amount of outstanding principal on opting out of Moratorium 1 or when Moratorium 1 expired.

Amount of outstanding principal due and payable:

That is the amount outstanding that has fallen due before the start date of Moratorium 1, i.e. the amount outstanding and becoming due and payable on opting out of Moratorium 1 or when Moratorium 1 expires.

Monthly instalment of interests and fees accumulated during Moratorium 1:

This is the monthly instalment amount of interests and fees that have accumulated during Moratorium 1 and have not been paid.

If you opted out of Moratorium 1 before any interests or fees accumulated, the amount in this cell is 0.

Amended maturity date:

The amended maturity date of your loan, based on the time spent under Moratorium 1 and the debt accumulated. If there are no outstanding interests or fees, the maturity date will not be amended.

 

  • Data in Table 2: 

Monthly repayment instalment:

This is the amount of the amended instalment of the basic loan. If there are no unpaid interests or fees, this has not changed.

Monthly instalment of interests and fees accumulated during Moratorium 1:

This is the monthly instalment amount of interests and fees that have accumulated during Moratorium 1 and have not been paid. If 0 HUF is shown, it means that there is no such accumulated amount.

Aggregated amount of the monthly instalment and the monthly instalments of outstanding interests and fees accumulated during Moratorium 1:

This is practically the sum of the previous two items: the amended instalment amount of the basic loan + the amount of the monthly instalment of outstanding interests and fees.

This is the amount you are supposed to pay if you have opted out the moratorium/Moratorium 2.

First due date:

If you opted out before the expiry of Moratorium 1 (31 December 2020): the first due date following the opt-out date appears.

 

If you were under Moratorium 1 all along: the first due date after 31 December 2020 appears.

Handling charge monthly/yearly amount

This will only be included in the letters of those customers for whom such charges/fees are relevant.

Due date of the handling charge

Monthly/yearly amount of risk premium

Due date of risk premium

 

Letter sent to collateral and surety providers:

  • If you are a collateral or surety provider, your closing letter will show the data of the first table, in which you will find the amount of the amended principal, interest and fee amounts outstanding and the amended maturity date. 
Our solutions in case of payment difficulties

Our solutions in case of payment difficulties

If you have payment difficulties after the moratorium, we will provide you with a solution to resolve it.
What regular notifications do we send to our retail customers in connection with the moratorium?

 

  • Monthly notification: At the end of each month, we inform our retail customers who have not withdrawn from the moratorium on the portion of their loan /lease agreement that is subject to the moratorium, the amount of accrued unpaid interest and fees, and the amount of any overdue debt, which becomes due only after the moratorium expires.
    • Our customers with a bank loan or credit will be notified in a push message or our customers who do not have a CIB Bank Mobile Application will be notified via SMS.
    • Our customers with a lease agreement will receive a postal letter.
  • Notification of data transmission to CCIS: information on what modified data have been transmitted to the Central Credit Information System due to the moratorium. 

It is important to note that both notifications are for information only, they do not entail a payment obligation! 

 

Monthly notification related to the moratorium

We send a monthly notification via push message or SMS via the CIB Bank Mobile Application to our retail bank customers whose loan is currently subject to the moratorium, and we send a postal letter to our retail customers with a lease agreement subject to the moratorium so that they can track the level of their debt. 

What do the data in the notification mean?

1.    Principal debt: the total principal debt subject to the moratorium. 

  • Credit cards and overdrafts: the part of the limit that is subject to the moratorium.
  • Personal loans and property-backed loans: the principal debt existing at the time the moratorium entered into force.

2.    Interest debt: pro rata interest accrued during the moratorium period. This amount shall be paid in equal monthly instalments upon expiry of the moratorium or withdrawal from the moratorium. 
3.    Fees debt: pro rata fees accrued during the moratorium period. This amount shall be paid in equal monthly instalments upon expiry of the moratorium or withdrawal from the moratorium, along with the interest debt. 
4.    Overdue debt not due until 1 October 2021: Debt that was overdue when the moratorium entered into force (midnight on 18 March 2020), which becomes due immediately after the moratorium, will not be divided into monthly instalments. If you do not have such debt, HUF 0 is indicated in the message. 

Interest and fee debt accrued during the moratorium shall be paid in equal monthly instalments1  in accordance with the relevant legislation in a manner that the sum of the repayment due and the interests and fees accrued during the moratorium and repayable in equal monthly instalments does not exceed the amount of the repayments as per the original agreement. To this end, the term of the contract will be extended as necessary after the moratorium expires

 

Notice on data transmission to CCIS 

Banks and other credit institutions and financial enterprises register the reference data of their customers in the CCIS (Central Credit Information System). When these reference data change for any reason, our bank / leasing company is obliged to inform the affected customers about the transfer of the data to CCIS. 
Due to the moratorium, the method of repayment (i.e. the way you have settled your debt so far, e.g. in equal monthly instalments) is changed to a grace period compared to the original contract, therefore our customers whose credit product is subject to the moratorium at the moment will receive an information letter on the transmission of reference data to the CCIS.

Please note:

  • If you have a contract that expires before 30 September 2021 and it is subject to the moratorium: the maturity date of the loan / lease transaction has been changed to 30 September 2021.
  • If you have a contract that expires after September 30, 2021: the expiration date has not been changed yet. After the expiration of the moratorium or opting out from the moratorium, we will send you a letter again, which will already include the new expiration date.
  • If there is any change in your reference data (e.g. change of personal data: telephone number, e-mail address, etc.), you will receive the notification letter again.

New loan contracts

At CIB Bank, it is possible to apply for mortgage loans, CIB ‘Előrelépő’ Personal Loan, ‘Babaváró’ Loan, and from 1 January 2021, overdraft as well.

What do I have to do if my loan is secured by Loan Repayment Insurance?

The deferral of payment does not apply to insurance premiums, so these must be still be paid in order to ensure that the insured relationship is not cancelled. If you decide to avail yourself of the moratorium and stop paying the instalments any further, you will still have to pay the insurance premium. To maintain the continuity of the premium payment, please continue to transfer or pay the insurance premium to your account used for loan repayment or ensure that the insurance premium is available in your current account on the due date of your loan repayment, so that we can deduct it.

Information on the practice of forwarding data to the CCIS

The moratorium also affects how CIB Bank and CIB Leasing handle overdue debts, furthermore, the transfer of data to the CCIS has been modified taking into account the statutory requirements. Details can be found at the bottom of the page in the material entitled CCIS Information available in the related documents.

Legal information

1 Act LVII of 2020 on transitional rules and epidemiological preparedness related to the cessation of an emergency. Act CVII of 2020 on transitional measures for the stabilization of the situation of certain priority social groups and enterprises in financial difficulties.

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