The Malta Independent 30 May 2020, Saturday

BOV says it will assist smaller businesses with working capital and moratoria on loan repayments

Monday, 23 March 2020, 14:07 Last update: about 3 months ago

BOV has said that it will assist smaller businesses in terms of working capital finance and moratoria.

The Malta Independent asked BOV whether, due to the fact that some people might lose their jobs or already lost their jobs, they would consider putting a moratorium on loans and whether they will be reducing bank charges? 

In response, Bank of Valletta has said that it is "being very active in ensuring support to its customers in these unprecedented times. Our staff are in constant contact with our customers to ensure that this difficult situation is managed in the best possible way. A number of measures have already been communicated to provide the necessary assurances especially to the smaller firms that the bank will assist both in terms of moratoria and working capital finance."

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"We are also interfacing on a one-to-one basis with larger firms to ensure that their needs are fully understood and met within the Bank's credit parameters. For larger firms we have separate credit lines dedicated entirely to their needs."

The Bank is also taking initiatives aimed towards supporting personal customers who demonstrate that they are encountering financial difficulties as a result of the current situation and need support accordingly," the bank said.

"The Bank will continue to monitor the situation and take action as and when needed. The Bank will ensure that it will remain close to its stakeholders, namely its customers, depositors, shareholders and regulators to ensure the right measures for the well-being of its customers and the economy at large whilst also safeguarding its depositors and shareholders accordingly." 

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