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Corporate overdraft during the moratorium

On this page you will find the most important information about how corporate overdraft facilities are affected by the moratorium.

A brief description of the moratorium

1.    The first payment moratorium lasted until 31 December 2020 for the loans of customers outstanding on 18 March 2020. 

2.    The second payment moratorium automatically extended the period of the moratorium with respect to the loans under moratorium on 31 December 2020 first until 30 June 2021, then until 30 September 2021, and finally until 31 October 2021. 

3.    The third payment moratorium allows the moratorium to be extended until 30 June 2022 for certain priority social groups and enterprises facing financial difficulties, provided that they meet the criteria set out in the relevant government decree. 

Corporate clients with an overdraft facility

Overdraft facilities are also subject to the moratorium, but only up to the credit amount drawn down by midnight on 18 March 2020 and not paid in the period that has passed since.

Accordingly, the loan repayment moratorium does not cover:
•    credit lines not drawn down by midnight on 18 March 2020
•    credit lines drawn down after midnight on 18 March 2020

How does the moratorium work in the case of corporate overdraft facilities?

1.    The amount drawn down before midnight on 18 March 2020 (which is subject to the moratorium) has been transferred to a separate, limited-purpose account, and any interest accrued on the amount transferred is also recorded in that account. The interest rate corresponds to the interest rate on the overdraft facility.

2.    Amounts credited to your current account with overdraft facility will not automatically reduce your debt subject to the moratorium. However, you can choose to opt out of the moratorium and repay the whole or a part of your debt by depositing or transferring the amount concerned to the limited-purpose account to which your debt subject to the moratorium had been transferred. This will allow you to reduce or eliminate your debt; any amount thus repaid will be added to your available credit line. 

3.    The balance of the above-mentioned limited-purpose current account, less any prepayments, will be added back to your credit line after the expiry of the moratorium or after you opt out of the moratorium.

How will the term of your overdraft facility agreement be extended once you have opted out of the moratorium?

By law, the expiry date of an overdraft facility agreement covered by the moratorium shall be extended with the same period as the moratorium period, but importantly, the term also depends on when you make your opt-out statement:

•    If you make your opt-out statement regarding the moratorium before the original expiry date of your credit facility agreement, your new expiry date will be as follows:
original maturity date + the length of time spent under the payment moratorium

•    If you make your opt-out statement regarding the payment moratorium after the original maturity date of your credit line agreement, your new maturity date will be as follows:
date of statement + the length of time spent under the payment moratorium

What should I do if my small business overdraft facility is currently subject to the moratorium, but I would like to opt out?

Our small-business customers with independent rights of disposal (including sole traders and smallholders) who use CIB Internet Bank, CIB Bank Online or CIB Bank Mobile Application can make an opt-out statement online at 
•    mic.cib.hu/moratorium (The web page does not work with Internet Explorer, unfortunately. Please use Google Chrome, Edge or Firefox.)

If you do not have an electronic channel:

Please download the form for small-business customers with overdraft facilities from the related documents at the bottom of the page, and once completed, send it to the kisvallalkozasok_moratorium@cib.hu e-mail address.

If the company has a person authorised to sign on behalf of the company individually, they can declare their intent to pay via the CIB24 call centre by calling (+36 1) 4 242 242, by following the operator’s instructions.

As a result of this statement, the original credit line will be restored, which you will be able to use as before, and the term of the credit line agreement will be extended as detailed above. We provide you with the possibility to pay any bank charges and interest accrued and unpaid during the moratorium in equal monthly instalments by the extended expiry date. These instalments will fall due on the 4th day of each month after the moratorium expires. 

Partial or full prepayment of debt

•    You also have the possibility to prepay the whole or a part of your debt the repayment of which was postponed due to the moratorium. Prepayments can be made by cash deposit over the counter at a branch or by wire transfer within the bank or from another bank.
•    In this case, pro rata bank charges and interest accrued will be automatically deducted from the amount prepaid, and your credit line will be increased with the remaining amount, i.e. you will be able to use that portion of your credit line again. 
•    By making a prepayment of the full amount owed, you automatically opt out of the moratorium.

Please be advised that once you have opted out of the moratorium, you will not be able to re-enter.   

What should I do if my corporate overdraft facility is currently subject to the moratorium, but I would like to opt out?

You may also opt out of the moratorium in the case of a corporate overdraft facility. In this case, please download the form for corporate customers with overdraft facilities from the related documents at the bottom of the page, and once completed, send it to the moratorium.vallalat@cib.hu e-mail address.

As a result of this statement, the original credit line will be restored, which you will be able to use as before, and the term of the credit line agreement will be extended as detailed above.  We provide you with the possibility to pay any bank charges and interest accrued and unpaid during the moratorium in equal monthly instalments by the extended expiry date. These instalments will fall due on the 4th day of each month after the moratorium expires. 

Partial or full prepayment of debt

•    You also have the possibility to prepay the whole or a part of your debt the repayment of which was postponed due to the moratorium. Prepayments can be made by cash deposit over the counter at a branch or by wire transfer within the bank or from another bank.
•    In this case, pro rata bank charges and interest accrued will be automatically deducted from the amount prepaid, and your credit line will be increased with the remaining amount, i.e. you will be able to use that portion of your credit line again. 
•    By making a prepayment of the full amount owed, you automatically opt out of the moratorium.

Please be advised that once you have opted out of the moratorium, you will not be able to re-enter.   

What happens if I opt out of the payment moratorium?

•    We have previously broken down your overdraft facility based on which part was covered and which part was not covered by the payment moratorium. This breakdown will be ended once you opt out of the moratorium.
•    After opting-out, fee and interest payment become due for the full credit line at the end of each month.
•    As we have stated the above, the overdraft facility is extended with the time spent under the payment moratorium.
•    Interest and fees accrued until the end of the moratorium are to be repaid in equal instalments until the new maturity date, starting from the end of the period of time spent under the moratorium. 
An exception from this rule is if you, in your statement, request that interest and fees accrued up to the end of the month preceding the statement are debited to your account at the time of processing your statement. 

Should I opt out of the moratorium or prepay, in whole or in part, the amount drawn down from my overdraft facility and subject to the moratorium?

Where your financial situation permits and you are in a position to do so, you should opt out of the moratorium for the following reasons:

•    Interest continuously accrues on the portion of the overdraft facility subject to the moratorium, so by the end of the extended moratorium period (i.e. by 30 June 2022) a high amount of interest may accrue, which will have to be paid in equal monthly instalments after the expiry of the moratorium. 
•    By opting out or paying your debt in full, your previous credit line will be restored and you will be able to use it as before. With partial prepayment of your debt, your previous credit line will be restored to the extent of the amount prepaid and you will be able to use it again.

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