More than 90,000 of ABN AMRO’s business clients using deferral measure
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ABN AMRO has offered all its business clients with loans up to EUR 50 million a six-month deferral of interest and principal repayments. Deferral will be implemented automatically. This way, companies get extra financial breathing space to compensate for the impact of the coronavirus measures. In the period from April through September this year, interest and repayments will not be collected for these clients. They can make the payments later.
Companies that didn’t need deferral have informed the bank that they wanted to opt out. For them, interest and principal payments have been collected. For all other eligible clients, payments have been automatically deferred. A total of more than 90,000 business clients are making use of the facility.
Many of ABN AMRO’s business clients say the deferral measure and other government support measures are allowing them to continue their activities for the time being. The number of applications for additional loans has therefore been relatively low these past few months.
Every bank chooses its own measures to help clients weather the impact of the coronavirus. Other banks, for example, have offered clients an opt-in payment pause. This means companies need to apply for deferral. The Dutch Bankers’ Association (NVB) announced today that the application deadline for banks with an opt-in approach has been extended by a month. As ABN AMRO has an opt-out approach, clients have either already been granted a payment deferral, or have informed the bank that they do not want to make use of the arrangement.