COVID-19: Malta Banking sector measures

Bank of Valletta plc

• Capital repayment holidays ranging from between 3 and 12 months
• Ease of trade finance services through internet banking at no additional cost
• Provision of direct working capital for customers facing short term cash flow issues. A fund of €20m has been allocated. Facilities will be provided for a period of 6 months at a rate of interest of 3.5% and repayable over a period of 12 months. No charges will be applied. Maximum facility to be capped at €500,000 per customer.
• BoV to close temporarily eight branches
• Bank of Valletta has also announced flexible timeframes on both capital and interest payments on home loans and personal loans. A payment moratorium will last for a minimum of three months, but it may be tailored according to clients' situation and needs. Applications will be considered on a case-by-case basis.
• BoV-MDB Covid Assist Scheme
• Launch of BoV Business Assist Fund

HSBC Bank Malta plc

• Customers may apply for a temporary increase in overdraft or credit card limits subject to eligibility criteria.
• Customers holding a Home Loan or a Personal Loan can apply for a six-month repayment moratorium on home loans and personal loans
• Late payment fee for all Credit Card accounts will be waived
• HSBC to close temporarily several branches

Lombard Bank Malta plc

• Provision of temporary working capital requirements to those business customers facing temporary liquidity shortages. The funds will be offered on favourable terms, including a fixed debit interest rate of 2.5% per annum for amounts up to €350,000 and for a period of up to 18 months. A fund of €12.5m has been allotted.
• Delay of repayments for clients who have a home loan but have seen a loss of income because of the COVID-19 crisis.
• Where required, it will grant a 12-month moratorium on 80% of the repayments due every month. The bank stated that this measure will be made without costs, but some conditions may apply
• The bank will consider applications for working capital loans, at beneficial terms, under the Malta Development Bank (MDB) COVID-19 Guarantee Scheme (click here for MDB website) 
• Customers who may face difficulty in meeting their repayment programme will be granted a twelve-month moratorium on 80% of the monthly Home Loan repayment

APS Bank Malta plc

• Launch of APS jet-pack: the scheme allows eligible local businesses, of any size, to apply for a working capital loan that can go up to €10 million for SMEs and up to €25 million for large businesses (with prior approval from the Malta Development Bank).

BNF Bank 

• 9-month moratorium on Home Loan, Buy-to-Let Loan and/or Personal Loan; 
• Several branches temporarily closed;
• Cash withdrawals from any local Bank ATM 24/7 will not incur any withdrawal charges. BNF Bank will refund all charges related to cash withdrawal from any other local Bank ATMs, until the end of April;
• Business customers holding a Micro Business Loan can apply for a nine-month repayment moratorium on their loan. The Bank will not charge any processing fees for requests related to the moratorium and working capital assistance.
• Moratorium on business loans and working capital assistance to customers facing temporary liquidity issues
• In collaboration with the Malta Development Bank (MDB), BNF Bank is offering working capital assistance to support SMEs and Large Corporates who are facing challenges to run their day-to-day operations due to the COVID-19 pandemic. 

This information was compiled from information published by the respective credit institutions as indicated on their website as of 28/03/2020. Updated on 10/06/2020.