June 9, 2020 / 12:11 PM / a month ago

Czech loans moratorium totals $14.8 bln end-May, says central bank

PRAGUE, June 9 (Reuters) - Czech households and companies have been granted a moratorium on bank loans worth a combined 351 billion crowns ($14.83 billion), central bank data showed on Tuesday, equivalent to about 6% of last year’s gross domestic product.

A Czech law to help offset the impact of the novel coronavirus gives borrowers the right to request a moratorium of three to six months on loan payments.

The central bank did not disclose a figure for the amount of payments due over the six-month period covered by the moratorium.

The total volume under moratorium at end of May was about 12% of all loans to the corporate and household sectors, a Reuters calculation found.

By the end of May, the moratorium covered legally-binding payment deferrals of 110.6 billion crowns for corporate loans and 127.5 billion in household loans, as well as voluntary schemes by banks that include 32.8 billion in corporate and 80.5 billion in household lending.

Separately, government lending and guarantee schemes, which businesses have criticised as too bureaucratic, have so far provided just single billions of crowns to companies hit by forced closures and by a plunge in demand at home and abroad, the central bank data showed. ($1 = 23.6700 Czech crowns) (Reporting by Jan Lopatka; editing by Barbara Lewis)

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