Bank of Thailand, including 5 channels to contact the bank-Nonbank To provide urgent assistance to debtors affected by COVID-19 Able to express an intention to request a “debt suspension” for 2 months, starting on 19 July 64
Mr. Nornadol Numnonda, Deputy Governor for Financial Institutions Stability The Bank of Thailand (SET) revealed that as the government has raised measures to prevent and control diseases in 10 provinces at the highest risk to control the epidemic situation of Covid-19 by limiting movement and operation. activities As a result, there are a wide range of people affected. especially for business groups and debtors who have had fragile financial status since the first wave of the Covid-19 outbreak and have issued measures to help urgently fix income for those affected. which is the right help
Bank of Thailand (BOT), Thai Bankers’ Association and the International Banking Association Recognizes the suffering of debtors and sees the urgent need to provide additional financial assistance to the affected employees and entrepreneurs in a timely manner. Consequently, they agreed to issue urgent measures by suspending principal and interest payments (debt suspension) to SMEs and retail debtors for a period of 2 months.
Such measures will help directly affected debtors, namely debtors, both employers and employees in the workplace, both in the control area. and outside the control area that had to close the business due to official measures Starting from the repayment period of July 2021 onwards. Financial institutions will not immediately charge the principal and accrued interest. in order not to be a heavy burden on the debtor
For the debtor that is indirectly affected is the debtor that is still open for business. But revenues have declined due to government measures to control the outbreak. Financial institutions will consider providing assistance to the debtor as necessary and in accordance with the debtor’s situation.
Providing assistance in accordance with the guidelines above Debtors can contact financial institutions, creditors to express their intention to request assistance from 19 July. However, if the debtor can provide clear evidence of the impact of the business or employment. This will make the consideration of assistance by creditors can be done quickly.
by suspending principal and interest payments under this measure It’s just a postponement of payment. Debtors who still have potential and are able to repay their debts Therefore, the debt should be repaid continuously. in order not to increase the debt burden in the future unnecessarily The same is true for debtors who were in the process of negotiating debt restructuring with financial institutions before. that should be continued In order to resolve the problem more precisely and sustainably, the debt moratorium under this measure This is the minimum assistance. Financial institutions can help debtors who are severely affected as appropriate.
“After the end of the 2-month debt moratorium, we have the financial institutions continue to take care of debtors. The suspended principal and interest will not be charged in the third month after the end of the measure. but will be distributed during the remaining repayment period or paid at the end of the contract, etc. In addition, the debtor who has entered the suspension period will not be transmitted to the credit bureaus as a default debtor. because it is still considered a good debt.”
The Bank of Thailand and all associations, including the Association of State Financial Institutions The Bank of Thailand has asked non-financial business operators (Nonbank) to provide assistance to debtors at the same time. To assist the debtor who is affected as much as possible
