BRIEF CONSIDERATIONS ON NATIONAL LEGISLATION CONCERNING THE SETTING UP OF A MORATORIUM ON PAYMENT OF CREDIT RATES RELATED TO LOAN CONTRACTS IN THE COVID-19 PANDEMIC CONTEXT

Abstract

The lock-down measures applied in the context of the COVID-19 pandemic have generated a number of negative effects for all Member States of the European Union and felt by both citizens and economic entities (SMEs). In relation to these, the European Union through its legislative institutions has proposed to the Member States exceptional temporary measures to mitigate the impact of the corona virus pandemic, while identifying, together with the Union financial sector, ways to develop best practices to provide additional support. Such a measure consists in postponing the payment of credit rates, in order to protect debtors who encounter difficulties generated either by job loss or by a substantial reduction in income. In Romania, the aspects regarding the deferral of the payment of the obligations from the loan agreements were regulated by the Emergency Ordinance no. 37/2020 on granting facilities for loans granted by credit institutions and non-bank financial institutions in Romania to certain categories of debtors.

Keywords

• debtors
• credit rates
• banking institutions
• moratorium
• deferred payment.