Loan repayment moratorium 2

Pursuant to the provisions of Act CVII of 2020 on the Transitional Measures to Stabilise Certain Priority Social Groups and Enterprises with Financial Difficulties and Government Decree 637/2020 (22 December) on the Introduction of Specific Rules of the Loan Repayment Moratorium Relating to the State of Emergency, the loan repayment moratorium (hereinafter: ‘moratorium 2’)starting from 1 January 2021 lasts until 30 September 2021.

Who is entitled to Moratorium 2?

In relation to the loans disbursed under agreements already existing on 18 March 2020:

all of our Customers who, based on their loan agreements provided by the Bank in a business line manner, have a principal, interest and fee payment obligation due on 1 January 2021, are entitledto use moratorium 2,
the state, the local government and the companies (financial sector),financial enterprises and investment funds falling within the scope of the legislation specified in Section 39 of the MNB Act are not entitledto use moratorium 2.

The Bank provides moratorium 2:

automaticallyto the Customers who opted to use moratorium 1 to fulfil their final principal, interest and fee payment obligation of 2020,
upon notificationto the Customers who opted not to use moratorium 1 to fulfil their final principal, interest and fee payment obligation of 2020. In the following we provide information on the method of notification.

During the moratorium 2 period, the Customers entitled to use it will not be required to pay their principal debt, interest and fees associated with their loan agreement until 30 September 2021.

The moratorium does not apply to the costs payable in return for the provision of third party services (e.g.: payment protection insurance and institutional guarantee fees, mandatory valuation fees, etc.), which must continue to be paid. An exception to this is the guarantee fee payable in relation to the loan disbursed pursuant to the Governmental Decree on baby boom assistance, which does not have to be paid under moratorium 2 either.

It is important that, regardless of the notification or withdrawal of the loan repayment intention, our Customers entitled to moratorium 2 are exempted from all legal consequences of the delay or omission of the loan repayment until 30 September 2021.

Our customers can check the status of the loan repayment moratorium use on their account statement, on which, in each case, the Bank indicates the status according to the notification already processed on the date of issue of the account statement.

We wish to inform our Customers, who have already made declarations in order to certify their eligibility for moratorium 2, available from 1 January 2021, and issued documents for the certification of their eligibility, that the legal ground for the processing of these data hereby ceases due to a change in legislation. Our Bank will ensure the destruction of these documents.

Do you charge interest on my debt during the payment moratorium?

Yes. The payment moratorium does not entail any waiver of interest. During the payment moratorium, the normal (contractual) interest is charged for the principal debt. Consequently, in case you take advantage of the payment moratorium as long as it remains in effect, transaction interest is charged based on your principal debt at the start of the moratorium. This means that the transaction interest payable over the entire term of the loan will be higher than it would be if you had not taken advantage of the moratorium. It is important to note that your repayment instalments will not increase after the current, second phase of the payment moratorium (which will end on 30 September 2021). However, the total debt will be increased by the unpaid interest, and the loan term may be extended by much more than the duration of the moratorium.

What do I need to do if I do not wish to continue paying my loan(s) during the period of moratorium 2?

What do I need to do if I with to continue paying my loan(s)?

If you have previously declared that you wish to continue paying your principal debts, interest and fees associated with your loan agreement in accordance with the contracting terms and conditions, the Bank will take this into account and will continue to provide the option for repayment from 1 January 2021, unchanged.

If you wish to pay you loans and you have not indicated your payment intentions previously, you must make a notification as follows.

What do I need to do if I have previously made a declaration stating that I wish to keep paying my loan(s), but now I wish to take advantage of moratorium 2?

In this case, you must make a notification as follows.

Please note that the use of moratorium 2 cannot be requested retroactively, therefore, the loan repayment moratorium cannot be applied to the amount of debt paid before the processing of the notification.

Retail and small corporate Customers:

If you have MBH NetBANK (previously MKB), MBH NetBANK Business (previously MKB) or PCBankár access.

In the case of a Small Corporate Customer, the authorised signatory (in the case of joint signatory rights, all authorised signatories) or the person with the right of disposal over the account may make a notification

1. Login to your MBH NetBANK (previously MKB), MBH NetBANK Business (korábban MKB) or PCBankár account.

2. When using MBH NetBANK (previously MKB) click the ‘Contact Us’ link in the centre of the page header. When using MBH NetBANK Business (previously MKB) select the ‘New order / Free format letter’ menu item. When using PCBankár, go to ‘Order / Prepared orders’, and then select the ‘New order / Free format letter’ menu item.
3. In the message subject field type: Loan moratorium notification.
4. Copy the appropriate text from the following into the ‘Message text’ field:

a) If you wish to make a notification with regard to all of your loans

b) If you wish make a notification with regard only to the individual loan(s) indicated by You, in place of the brackets, indicating the contract identification number or the registration number(s)

(You can find the contract identification number or the registration number on the original agreement signed between You and the Bank, or on the Bank's letter of notification approving the loan application.)

“I wish to take advantage of the loan repayment moratorium, therefore, based on my notification, I would like to request its application for my loan agreement under reference no. (contract identification number or registration number).”

If you do not have access to MBH NetBANK (previously MKB)

As an existing Customer, you can easily request MBH NetBANK (previously MKB) access on our online interface in order to facilitate notifications, or

Use our VideóBANK service from comfort on your home.

As our retail Customer, complete the retail notification template, or as our small corporate Customer, complete the corporate notification template, and then print it out and send it to us at Budapest, P.O. Box: 1821.

Call +36 (80) 350 350 and make a statement through our TeleBANKár Customer Service. If you have no other option, visit any of our open branches. Before visiting, please inform yourself on bankfiókjainkban bevezetett, az egészségügyi helyzettel összefüggő óvintézkedéseinkről.

Medium and large corporate Customers

Our corporate relationship managers are at your disposal as follows:

1. Complete the notification template.
2. Print out the completed document and duly sign it.
3. Signed document and send it to the e-mail address of your corporate relationship manager.
4. Mail the original completed and signed notification to the mailing address of your corporate relationship manager.

What do I need to do if I have an overdraft facility?

The bank also provides the loan repayment moratorium for overdraft facilities. In these cases, the bank automatically settles incoming transfers or payments in order to reduce the principal debt, therefore, the replenished credit line is immediately available again. The interest and fee payable under the agreement on the utilised facility shall be paid only after the moratorium has expired. If you do not wish to make use of the moratorium with regard to your overdraft facility, please advise the Bank of your intention through a notification.

Do I also need to make a notification with regard to my credit card/credit card debt?

Moratorium 2 is also applicable to credit cards, therefore our Bank does not expect payment from its customers, but there is also no need for a separate notification if you wish to keep paying your credit card debt.

We accept the received items, in the same way as previously, and put it towards the decreasing of the debts without separate notification. It is important to note, that the amount used during the period of the moratorium bears interest in the same way as previously, but you are currently not required to pay this amount. You can continue to enjoy interest-free use by settling your total debt at the end of that month. Please note that the regulation of related preferences does also remains the same.

We recommend the following for consideration: if your current financial situation allows, take advantage of the option of interest-free spending and continue to settle your debt despite the moratorium in order to avoid interest debt accumulation.

Information on retail agreements related to the Central Credit Information System

Transmission of data to the Central Credit Information System (CCIS)

Pursuant to Section 11 (1) of Act CXXII of 2011 (CCIS Act), the Bank shall provide the CCIS with the data of natural persons who do not fulfil their payment obligations under the agreement in such a way that

the amount of their overdue and unpaid debts exceeds the minimum monthly wage in force at the time of the delay,
they are in arrears for more than ninety days in excess of the minimum wage.

If the debt has not been terminated, these data will remain in the CCIS for 10 years from the date of transfer, during which time they can be used for credit checks even without your consent. If your data are transferred to the CCIS due to your late payment, the contents will be visible to the chosen financial institution during a possible loan application as described above, which may negatively affect the outcome of your loan application. Data on debts included as negative defaults will be permanently and irrevocably deleted from the CCIS after 1 year from the date of payment.

Changes in the management of overdue debt and the transfer of data to the CCIS during the period of moratorium 2

Moratorium 2 also applies to overdue debts accumulated until 19 March 2020 in relation to active loan agreements, which means that our Customers will be relieved of the consequences of late payment until 30 September 2021, and the number of days in arrears do not change during the period of moratorium 2, either. With regard to loan transactions affected by the loan repayment moratorium, no data related to default are provided to the CCIS during the period of moratorium 2. After the expiry of moratorium 2, the number of days in arrears shall continue to be recorded in accordance with the original contractual terms from the number of days in arrears on 19 March 2020 (i.e. the duration of moratorium 2 does not count towards the 90-day period).

Our Customers also have the opportunity to voluntarily settle their overdue debts during the period of moratorium 2. This is also important because on 1 July 2021, the overdue debt incurred before 19 March 2020 becomes due again in a lump sum, and in case of default, the loan agreement can be terminated.

The payment of an overdue debt does not mean that you do not intend to use moratorium 2. If you would like to make a payment for an overdue debt incurred before 19 March 2020, please consult your bank administrator before making the payment.

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