Regulatory Alerts2021-03-15
Added · Updated
MAS Notice 811A Credit Files, Grading and Provisioning - COVID-19
This Notice exempts finance companies from classifying specific credit facilities as impaired for the period from 1 January 2021 to 31 December 2021, provided borrowers received extended repayment moratoriums or revised terms due to COVID-19. For individuals with Type 1 or Type 2 relevant loans, classification is required if payments become past due for more than 30 days during a probation period, or more than 90 days thereafter. For Small and Medium-size Enterprises, facilities with deferments exceeding nine months are exempt from classification unless deferments exceed 18 months or new restructuring terms are non-commercial. Finance companies must assess borrower viability and repayment capacity to determine if restructured SME loans meet commercial terms.
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