Agreement on the Cancellation of Credit Policies to Address the Impact of the COVID-19 Pandemic
关于取消应对新型冠状病毒（COVID-19）疫情影响信贷政策的协议
ຂໍ້ຕົກລົງວ່າດ້ວຍ ການຍົກເລີກນະໂຍບາຍສິນເຊື່ອ ເພື່ອແກ້ໄຂຜົນກະທົບຈາກສະພາບການລະບາດຂອງພະຍາດອັກເສບປອດຈາກເຊື້ອຈຸລະໂລກສາຍພັນໃໝ່ (COVID-19)
Summary
This regulation governs credit relief for borrowers affected by the COVID-19 pandemic, with the core purpose of allowing banks to provide additional debt restructuring to affected borrowers and specifying implementation supervision and reporting requirements.
Articles
Article ມາດຕາ 1
Article 1 Assistance to Borrowers Still Affected
Commercial banks and non-bank financial institutions may consider assisting borrowers who still have outstanding loans under the credit policy to mitigate the impact of the COVID-19 (60110-19) pandemic, upon the borrower's request, as follows:
1. Restructure the loan for the borrower one more time if the borrower has already been restructured more than twice;
2. Restructure the loan for the borrower two more times if the borrower has already been restructured no more than twice.
In such loan restructuring, commercial banks and non-bank financial institutions must ensure that the borrower requesting the policy is still affected by the spread of the COVID-19 (60110-19) pandemic, and must have an assessment report on such borrower and related documents included in the loan restructuring file.
Article ມາດຕາ 2
Article 2 Implementation
Assign the Commercial Bank Supervision Department and the Non-Bank Financial Institution Supervision Department to be responsible for monitoring and inspecting the implementation of this agreement to achieve good results.
Commercial banks and non-bank financial institutions shall implement as follows:
1. Pay attention to managing the credit they have provided and restructure the loan structure for customers affected by the epidemic situation of the novel coronavirus pneumonia (COVID-19) by thoroughly monitoring the customers' occupational status or business activities and repayment status, classify debts, and set aside provisions for classified debts according to the regulations issued by the Bank of the Lao PDR, and apply appropriate debt collection measures;
2. Report the implementation of the customer assistance policy to the Bank of the Lao PDR on a quarterly basis according to the reporting form issued by the Bank of the Lao PDR.
Article ມາດຕາ 3
Article 4 Effect
This agreement shall take effect from the date of signing and shall replace the agreement on credit policy to address the impact of the outbreak of the new strain of coronavirus (00111-19) No. 238/ທຫລ, dated March 26, 2020. Any provisions and regulations that contradict this agreement are hereby repealed.
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