Novo Banco approved more than 38 credit default arrears in the context of the Covid-19 pandemic by the end of June, for a total of 6,8 billion euros, the institution said on Friday.
About 67% of the moratoriums were attributed to companies, 30% to mortgage loans and the remainder to consumer loans and others.
In the statement sent to the Securities Market Commission (CMVM), which reports the losses of 555,3 million euros recorded by Novo Banco in the first half, it can be read that moratoriums were approved “in the amount of 6,8 billion euros for more than 38 thousand customers ”.
Regarding credit lines, “the bank reached XNUMX billion euros in credit lines approved with State guarantee”.
"The Novo Banco group is also monitoring the impacts that may arise and, when relevant, is making decisions that defend the interests of different stakeholders, namely customers and employees", according to the institution's statement.
Credit default was created as an aid to families and businesses penalized by the economic crisis triggered by the covid-19 pandemic.
In June, the Government decided to extend - from September this year to March 31, 2021 - the moratoriums on loans from companies and individuals (which suspend payments of capital and / or interest) and also extended the conditions under which customers can access the default. Customers can request access to the moratoriums until the end of September.
There are also private moratoriums, of the Portuguese Banking Association (APB), of the Association of Specialized Credit Institutions (ASFAC) and of the Portuguese Leasing, Factoring and Renting Association (ALF). These apply to credit agreements that do not benefit from the public moratorium, as in the case of personal credit agreements (with the exception of consumer credit agreements for the purpose of education, since these are already covered by the public moratorium), automobile credit and cards credit.
The rating agency Fitch released a report on the Portuguese banking sector on Thursday, in which it estimates that defaulted loans will increase after the summer as the economic crisis thickens, especially in tourism-related activities.
These arrears are a relief to customers and banks, however, he warns, an important part of these credits will be defaults when the arrears regime ends.
Major banks have been reporting half-yearly results this week. According to the information already known, the BCP indicated that until June it had approved more than 120 thousand moratoriums on payment of credits within the scope of the Covid-19 pandemic, 97 thousand for families and 26,5 thousand for companies, reaching credits in the amount of almost nine billion euros.
Santander Totta had, in June, 88 thousand customers with arrears in the payment of loans, covering credits corresponding to 22% of the total credit portfolio.
BPI announced today that it had approved by the end of the semester more than 73 thousand requests for default on the payment of credits, covering credits worth almost 5,7 billion euros.
Caixa Geral de Depósitos also announced today that it has approved 48.326 credit default until 28 July in the context of the Covid-19 pandemic, totaling 6.982 million euros.