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  1. News
  2. COVID-19: Summary of National Payment Moratoria Measures in Europe

COVID-19: Summary of National Payment Moratoria Measures in Europe

01 December 2020
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Our note summarises key national payment moratoria measures and other reliefs related to the COVID-19 pandemic which have been introduced in various European countries and which are relevant in the context of structured finance transactions.  Developments in this area can change quickly. Please note the date on which the note was last updated. 

In many cases the legislation, guidance or other materials relating to these measures is limited in detail. This means that in some instances questions remain about the scope of some of these measures.

While most governments have taken steps to mandate or encourage payment holidays or other relief for consumers and/or mortgage loans, the measures are not entirely comprehensive in all jurisdictions. This means that in some jurisdictions the governmental measure only apply to specific lenders or specific types of borrowers.

To date, we are not aware of any measure which would address the impact of COVID-19 payment delays or payment holidays on securitisations or other asset-backed financings of these assets.  As a result parties will need to consider their transaction documents to establish:

  1. whether payment holidays or extensions which are not mandated by government measures or regulatory requirements can be made and/or whether existing servicing procedures would need to be amended to facilitate this.
  2. how payment holidays are treated in any default or delinquency tests.

Clearly, these measures and/or the economic impact of COVID-19 may lead to increased losses and/or liquidity reserve or liquidity facility drawings under existing transactions. 

 

Download here.

 

This table was updated on 9 April 2020, 27 April 2020, 9 June 2020, 7 August 2020, December 2020 and 15 October 2021 to reflect additional national payment moratoria measures coming into force.

 

 

Authored by:

Hogan Lovells: Julian Craughan, Dennis Dillon, Tauhid Ijaz, Rachel Pleming Emily Reid, Roger Tym, Jon Chertkow, James Black, Julie Patient, Virginia Montgomery, Jose Luis Vazquez, Carlos Meijide,  Robert Masman, Jan-Willem Boer, Pierre Reuter, Valerie Laskowski, Marie-Roxane Karydi, Corrado Fiscale, Federico Del Monte,  Giulia Arenaccio, Annalisa Feliciani, Sven Brandt, Julian Fischer, Dietmar Helms, Vincent Fidelle, Sharon Lewis, Katia Merlini, Laura Asbati, Reza Mulligan

For measures in Belgium: Werner Van Lembergen, Jean-Philippe de Vinck at Deloitte Legal

For measures in Greece: Athanasia Tsene, Lambros Belessis, Christos Paraskevopoulos Dimitris Roussis, Fotodotis Malamas, Katia Papantonopoulou at Bernitsas Law

For measures in Hungary: Dr László Partos at Partos & Noblet

For measures in Ireland Aiden Small, Niamh Nic Uileagóid, Maedhbh Clancy, Sinéad Cantillon at Arthur Cox

For measures in Portugal: Luis Branco at Morais Leitão.

Contacts
Julian Craughan
Partner
London
Sharon Lewis
Partner
Paris
Emily Reid
Partner
London
Roger Tym
Partner
London
Dennis Dillon
Senior Counsel
London
Tauhid Ijaz
Partner
London
Jonathan Chertkow
Partner
London
James Black
Partner
London
Julie Patient
Counsel
London
Virginia Montgomery
Senior Knowledge Lawyer
London
Jose Luis Vazquez
Partner
Madrid
Carlos Meijide
Associate
Madrid
Robert Masman
Partner
Amsterdam
Jan-Willem Boer
Associate
Amsterdam
Pierre Reuter
Office Managing Partner
Luxembourg
Valerie Laskowski
Senior Associate
Luxembourg
Corrado Fiscale
Partner
Milan
Federico Del Monte
Partner
Milan
Sven Brandt
Partner
Frankfurt
Julian Fischer
Partner
Frankfurt
Dietmar Helms
Partner
Frankfurt am Main
Vincent Fidelle
Partner
Paris
Katia Merlini
Partner
Paris
Piotr Zawislak
Partner
Warsaw
Laura Asbati
Partner
Paris
Reza Mulligan
Counsel
Paris
Additional Resources
  • COVID-19 Topic Center
Keywords COVID-19, coronavirus, forbearance measures, payment holidays, relief measures
Languages English
Topics General Debt Capital Markets, Securitization and Structured Finance, Banking Regulation, Consumer Finance, Financial Services Securities and Markets Regulation, Payments, COVID-19
Countries Belgium, France, Germany, Italy, Netherlands, Luxembourg, Spain, United Kingdom
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