Moratorium

For clients who accepted the moratorium (delay in repayment of liabilities):

• The continuation of repayment of liabilities shall apply starting from 01/10/2020, depending on the liability due date from the initial repayment plan;

Example:
- if, according to the repayment plan, the client had maturity of loan liabilities on 15/08, their first liability after the moratorium becomes due on 15/10/2020 and the repayment deadline shall be extended by 2 months;
- if, according to the repayment plan, the client had maturity of loan liabilities on 30/07, their first liability after the moratorium becomes due on 30/10/2020;
- if the client had due outstanding liabilities before 01/07/2020, they will again be considered due in their entirety on 01/10/2020;

• If the client had unpaid liabilities due in July, the moratorium will include 3 annuities and the deadline for settlement will be extended by 3 months, while for others it will be extended by 2 months;
• Regular (agreed) interest for the period of moratorium will be calculated and distributed equally on the extended loan repayment period without accrual to the base

- for natural persons and entrepreneurs, regular interest during moratorium will be calculated in accordance with the loan repayment plan, valid on the date of start of implementation of the second moratorium;
- for legal entities, in addition to the interest from the repayment plan which was valid on the second moratorium start date, interest will also be calculated against the base which was due during the moratorium, and has not been paid;

• Collection via a standing order will be activated starting from 01/10/2020;
• The Pension and Insurance Fund will conduct the first loan-based deduction from pension for users of Senior Cash Loan with repayment via administrative injunction who accepted the moratorium, in October, as part of the first payment;
• Starting from 01/10/2020, the calculation of default interest against due liabilities will resume.

We note that the Bank will deliver a new repayment plan to the clients for the upcoming period, which will also contain the new amount of instalments/annuities which were changed compared to the period without delay in repayment, which is the result of interest distribution from the moratorium duration period to the remaining repayment period. If the loan has an agreed interest rate, the plan will also include such change for the upcoming period.

In September, the National Bank of Serbia (hereinafter: NBS) adopted special instructions by which it regulated that banks equalize the effects of the first and the second moratorium in terms of failure to accrue interest calculated during the moratorium to the base.

Acting according to the described Instructions of NBS, after the end of the second moratorium, Banca Intesa will conduct the said adjustment, i.e. perform base reduction by the calculated interest during the first moratorium, so that the effects of such change will additionally change the repayment plan.

RETAIL

For clients who accepted the second moratorium against allowed payment account overdraft, regular / unpaid interest from the previous moratorium will be distributed depending on whether the client accepted the first moratorium:

If the client accepted the first moratorium, the interest collection schedule will be:
 

If the client failed to accept the first moratorium, the interest collection schedule will be:

 

For clients who accepted the second moratorium against allowed payment account overdraft, the calculation of default interest resumes starting from 1 October 2020.

The validity date of allowed overdraft has been extended by 180 days compared to the previous due date for all clients who accepted the second moratorium.
 

LEGAL ENTITIES

The interest collection schedule against allowed payment account overdraft after expiry of the second moratorium for legal entities and entrepreneurs will be as follows:

• If the client accepted the first moratorium and the second moratorium, interests shall be collected as follows:

- 02/11/2020 interest for April (the first moratorium) + interest for October 2020
- 01/12/2020 interest for May (the first moratorium) + interest for November 2020
- 04/01/2021 interest for July (the second moratorium) + interest for December 2020
- 01/02/2021 interest for August (the second moratorium) + interest for January 2021
- 01/03/2021 interest for September (the second moratorium) + interest for February 2021

• If the client failed to accept the first moratorium and has accepted the second moratorium, interests shall be collected as follows:

- 02/11/2020 interest for July (the second moratorium) + interest for October 2020
- 01/12/2020 interest for August (the second moratorium) + interest for November 2020
- 04/01/2021 interest for September (the second moratorium) + interest for December 2020

• For clients who accepted the second moratorium against allowed payment account overdraft, the calculation of default interest resumes starting from 1 October 2020.

The validity date of allowed overdraft has been extended by 180 days compared to the previous validity date for all clients who accepted the second moratorium.

• For the users of Mastercard and Visa credit cards who accepted the second moratorium:

- the first liability after the moratorium will be calculated on 30/09/2020 and will become due on 12/10/2020;

- the minimum amount for payment will be calculated as agreed, namely 5% from the total outstanding debt, such debt also including outstanding liabilities based on regular interest, membership fee and considerations calculated during the moratorium period, as well as individual instalments booked up to and including 07/2020;

- if there is an outstanding debt, which became due before introducing the moratorium, it will be completely added to the minimum amount for payment;

- for users of business credit cards, the debt arisen before and during the duration of the moratorium will become due in its entirety on 12/10/2020.

• For the users of American Express credit cards who accepted the moratorium:

- the first liability after the moratorium will be calculated on 30/09/2020, and will become due on 15/10/2020;

- outstanding liabilities based on regular interest, membership fee and considerations calculated during the moratorium will be distributed for further repayment as follows:
- regular interest, membership fees and considerations from July will become due in October
- regular interest, membership fees and considerations from August will become due in November;

- the minimum amount for payment which becomes due on 15/10/2020 will include the sum of the following items:

- 5% of the outstanding debt based on consumption and withdrawal of cash booked up to and including 30/09/2020;
- 100% of the amount of individual instalments booked up to and including 07/2020;
- 100% of regular interest, membership fees and considerations calculated in 07/2020 and 09/2020;

• outstanding debt which became due before introducing the moratorium, if any.
• Individual instalments which became due during the moratorium period were postponed in such a manner that the first instalment, which became due during the moratorium, will become due after its expiry, followed by the other instalments, one each month.
• For all payment transactions arising from 01/10/2020, maturity and collection shall be performed in the usual manner.
• Collection via a standing order will be activated starting from 01/10/2020. All outstanding liabilities which became due before 31/07/2020 shall become due on 01/10/2020.
• The calculation of default interest for outstanding due debts, for clients who accepted the moratorium, will resume starting from 01/10/2020.
• For clients who declared during September that they were giving up on the moratorium, the standing order was activated during September for collection of liabilities which became due up to and including 31/07/2020, and the calculation for 09/2020 will be performed as previously described.
• For clients who exited the moratorium up to and including 31/08/2020, the calculation of all debts will be resumed as usual.
• Clients who wish to additionally increase their assets available for consumption with a credit card, can make the payment at any time, even in the amount larger than the calculated due liabilities (minimum amount for payment), which will be booked on the credit card. In the revolving model, the payment is distributed by complying with the due liability principle, i.e. if there are due liabilities arisen in the previous period, they will be collected first, after which outstanding liabilities will be settled.

For considerations for guarantee and documentary affairs related to the object for which the clients accepted the moratorium, and who had an active standing order before the introduction of these measures, it will be activated again. Accordingly, all future considerations and expenses based on these subjects will be collected via a standing order.

For considerations arisen during the period of moratorium duration, the clients' liability shall be to settle them themselves with a payment in accordance with the received calculation within two months from the debit date for the compensations arisen during the second moratorium, and/or within 90 days for unpaid considerations from July which arose during the first moratorium.

Should you require additional information, our colleagues from the contact centre will be available to you by phone at 011/310 88 88.