Lenders are granted a cooperation exemption to implement a deferral of the collection of corporate loan receivables due to COVID-19.

The Competition Authority has today authorised cooperation between lenders within the framework of the Association of Financial Institutions and the National Association of Pension Funds, which aims to implement a temporary moratorium on the collection of corporate loans. These measures are part of the response to COVID-19.

The collaboration is subject to conditions designed to further safeguard the interests of businesses now facing unexpected operational difficulties due to COVID-19. The conditions are therefore intended to ensure that the cooperation among lenders does not prevent individual lenders from providing their customers with further payment relief beyond that provided for in the agreement.

The conditions also enable lenders to adapt the implementation of the moratorium in light of experience and otherwise meet the needs of viable companies.

The decision includes an exemption from the competition law prohibition on cooperation between competitors.