Due to the COVID-19 outbreak, the Hungarian government declared a state of emergency on 11 March 2020.
On 18 March 2020 the Hungarian government introduced additional economic measures by adopting Government Decree 47/2202 (III. 18.) (Moratorium Decree), which impacts lending procedures. Pursuant to the Moratorium Decree, unless the parties otherwise agreed, a payment moratorium (moratorium) is applicable to the payment of principal, interest and fees arising from facility, loan and financial lease contracts (contracts) until 31 December 2020.
On 24 March 2020, the Hungarian government introduced detailed provisions relating to the Moratorium Decree by adopting Government Decree 62/2020 (III.24), which is effective from 25 March 2020.
In order to learn more about the changes, please open the attached file.