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Press Release 02 September 2020

HKAB Welcomes Banking Sector’s Extension of Pre-approved Principal Payment Holiday Scheme and HKMCI’s Extension of Principal Moratorium for the SME Financing Guarantee Scheme



(2 September 2020) The Hong Kong Association of Banks (HKAB) welcomes the announcement by the Hong Kong Monetary Authority (HKMA) and the Banking Sector SME Lending Coordination Mechanism to extend the Pre-approved Principal Payment Holiday Scheme by six months until April 2021. All loan principal payments of eligible corporate customers falling due during the period from November 2020 to April 2021 will be pre-approved for deferment by six months, whereas trade facilities will be deferred by 90 days. Member banks will render full support to the new arrangement in an effort to relieve the cash flow pressure on enterprises.

The HKAB urges corporate customers in need to contact their banks. The banks will process requests related to principal repayment deferment in accordance with the guidelines set out by the HKMA.

In addition, member banks will support the facilitation of the HKMC Insurance Limited's extension of application period for principal moratorium for the 80% and 90% Guarantee Products under the SME Financing Guarantee Scheme. They will continue to maintain close communication with enterprises, and strengthen their support to help enterprises ride out this difficult time.

The Hong Kong Association of Banks

 

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