Factsheet for measure
AT-2020-14/581
–
Updated
– measures in Austria
Debt moratorium for consumers and microenterprises
Schuldenmoratorium für Verbraucher und Kleinstunternehmen
Background information
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.
Content of measure
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:
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The creditor's claims for repayment, interest or amortisation due between 1 April 2020 and 30 June 2020 is to be deferred for a period of three months from the due date, if
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the consumer suffers a loss of income as a result of the "exceptional circumstances caused by the spread of the COVID-19 pandemic" which makes it unreasonable to expect him or her to provide the service owed, i.e. to pay the originally agreed debt payments.
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In particular, the consumer cannot reasonably be expected to provide the service if his or her own or his/her dependents’ "reasonable livelihood" is at risk.
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.
Updates
The following updates to this measure have been made after it came into effect.
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15 September 2020
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The deferment period was once again extended from 31 October 2020 to 31 January 2021.
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09 July 2020
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The deferment period was extended from 30 June to 31 October 2020.
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Use of measure
Unknown.
Target groups
Actors and funding
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Actors
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Funding
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National government
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No special funding required
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Social partners
Social partners' role in
designing the measure
and form of involvement:
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Trade unions
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Employers' organisations
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Role
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No involvement as case not in social partner domain
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No involvement as case not in social partner domain
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Form
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Not applicable
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Not applicable
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Social partners' role in the
implementation, monitoring and assessment phase:
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No involvement
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Main level of involvement: Unknown
Involvement
No involvement.
Views and reactions
Not the social partners' genuine field of action.
Sources
