Factsheet for case AT-2020-14/581 – Updated – measures in Austria
|Country||Austria , applies nationwide|
|Time period||Temporary, 01 April 2020 – 31 January 2021|
|Type||Legislations or other statutory regulations|
Measures to prevent social hardship
– Preventing over-indebtedness
|Author||Bernadette Allinger (Forba) and Eurofound|
|Case created||13 April 2020 (updated 15 October 2020)|
Many bank customers have come under pressure to repay their loans due to income losses caused by the COVID-19 crisis. In order to alleviate their financial burden, a moratorium on loans for consumers and micro enterprises was enacted in the course of the implementation of the 4th COVID-19 Act on 4 April 2020 in Austria. This refers to any loan agreements entered into with banks prior to 15 March 2020. Micro enterprises include entrepreneurs with less than ten employees and whose annual turnover or annual balance does not exceed €2 million.
Article 37, paragraph 2 of the 4th COVID-19 Act provides for rules on deferring the due date of payments in credit agreements concluded before 15 March 2020:
For the duration of the deferral, the borrower (consumer or micro entrepreneur) is not in default with the payment of these services. This means that during this period, also, no interest on arrears will accrue. The originally planned term of the loan is extended accordingly by the time of the deferral.
|Does not apply to workers||
One person or microenterprises
||Applies to all citizens|
No special funding required
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Role||No involvement as case not in social partner domain||No involvement as case not in social partner domain|
|Form||Not applicable||Not applicable|
Social partners' role in the implementation, monitoring and assessment phase:
Not the social partners' genuine field of action.
Eurofound (2020), Debt moratorium for consumers and microenterprises, case AT-2020-14/581 (measures in Austria), COVID-19 EU PolicyWatch, Dublin, http://eurofound.link/covid19eupolicywatch
Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process. All information is preliminary and subject to change.