FSC Taiwan is extending the timeline for COVID-19-related payment deferrals from June 30, 2021 to December 31, 2021. The relief measures apply to mortgages, auto loans, consumer loans, and credit card debt. During the period of a loan deferral or loan rescheduling, under the terms of the debt workout agreement, the debtor is not required to repay principal or interest. Until the obligation becomes due it will not be treated as a bad debt and an instance of late payment will not be included in the debtor's credit record. Borrowers and credit card holders can apply for a deferral of 3 to 6 months on the repayment of outstanding debt. Default penalties or default interest will be exempted during the deferred period.
Related Link (in Chinese): Press Release
Keywords: Asia Pacific, Taiwan, Banking, COVID-19, Credit Risk, Payment Deferrals, Loan Repayment, FSC Taiwan
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticlePRA Identifies Error in Remuneration Part of the Rulebook
The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The European Securities and Markets Authority (ESMA) has responded to the IFRS consultation on targeted amendments to the IFRS Foundation constitution to accommodate an International Sustainability Standards Board (ISSB) to set IFRS Sustainability Standards.