23.08.2022
On Monday, the Cabinet of Ministers decided to amend the interest rate subsidy scheme for housing and corporate loans to further support the economy amid the ongoing impact of the COVID-19 pandemic and the war in Ukraine.
The Ministry of Finance reported that the Cabinet of Ministers has decided to extend the issuance period and the possibility of restructuring loans issued on the basis of the interest rate subsidy scheme.
According to the announcement, “The Cabinet of Ministers, taking into account the ongoing effects of the COVID-19 pandemic and the war in Ukraine, has decided to amend the schemes to extend the period for issuing new home loans from two to three years. , retroactive from the date the loans were approved.”
In addition, it will be possible to restructure loans issued on the basis of two retroactive interest subsidy schemes, provided that the restructuring did not result in a new loan amount, an increase in the interest rate, there was no re-restructuring within their four-year period interest rate subsidy and the period of interest subsidy does not exceed four years from the date of the first payment of the original loan.
Interest rate subsidy schemes for housing and corporate loans, announced in May 2020, were part of an emergency package to support the economy from the effects of the pandemic.
The application period for the two Schemes ended on 31 December 2021 and the implementation process is ongoing.
According to the ministry, there were 10,058 applications for loans totaling around 1.7 billion euros. In particular, 8,960 loans of approximately €1.36 billion are new residential loans and 1,090 loans of €295 million are new corporate loans.
