Regulatory Alerts2020-04-17
Added · Updated
Pre-approved Principal Payment Holiday Scheme for Corporate Customers
The Hong Kong Monetary Authority mandates all Authorized Institutions to participate in a pre-approved principal payment holiday scheme for eligible small-to-mid-sized corporate borrowers affected by the COVID-19 pandemic. The scheme allows for the deferment of loan principal payments due between 1 May 2020 and 31 October 2020 for up to six months without requiring individual applications or triggering loan downgrades. Banks are required to proactively inform eligible customers with annual sales of HK$800 million or less and ensure timely implementation to provide immediate financial relief.
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