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Czech finance ministry could allow borrowers to pause loan payments – Reuters

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Czech finance ministry could allow borrowers to pause loan payments – Reuters

Czech Finance Minister Alena Schillerova plans to submit a bill to the government on April 1 that will allow bank customers to pause loan payments as the country struggles to deal with the rapidly spreading coronavirus, Reuters reported March 29.

In a March 29 debate show on Prima TV, the finance minister said she had been in touch with the central bank regarding a blanket six-month moratorium on loan payments and that she would also consult with the European Banking Authority.

Czech National Bank Governor Jiří Rusnok supported the proposal, saying that banks could absorb the losses if the law is properly executed.

He told a separate Czech TV show that reserve rules for banks could also be relaxed for a three to five-month period, during which the moratorium will be applicable, according to the report.

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