Regulatory Alerts2020-09-02
Added · Updated
Extension of Pre-approved Principal Payment Holiday Scheme
The Hong Kong Monetary Authority extends the Pre-approved Principal Payment Holiday Scheme by six months to address the ongoing economic impact of the COVID-19 pandemic. Authorized Institutions must defer principal payments for eligible corporate borrowers with annual turnover under HK$800 million for loans falling due between 1 November 2020 and 30 April 2021, with specific 90-day deferrals for trade loans. The regulator clarifies that such deferments will not trigger loan downgrades or significant credit risk increases, while instructing banks to handle cases on a pre-approved basis without issuing individual notifications.
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