Exemption for cooperation between lenders on temporary payment holidays on individual loans due to the effects of COVID-19

The Competition Authority has today authorised an arrangement between lenders concerning the temporary suspension of debt collection for individuals experiencing temporary payment difficulties due to a loss of income caused by the COVID-19 pandemic. The decision grants an exemption from the prohibition on cooperation between competitors under competition law.

The exemption is subject to conditions intended to further safeguard the interests of individuals who have fallen into difficulty with their payments. The conditions are therefore intended to ensure that cooperation between lenders does not prevent individual lenders from providing their customers with further hardship relief measures than those provided for in the agreement.