The Banking Association of Georgia disseminates the statement. According to the document, commercial banks are ready for considering individual appeals on the loan restructuring.
Aleksander Dzneladze, President of Banking Association of Georgia told TV-Program "Business Morning", that the restructuring process would be greatly simplified for those who were included in the list of social assistance.
"Due to the lockdown and crisis, the banking sector expressed its readiness for some restructuring and deferral of loan repayments. We have issued a statement in this regard in order to avoid expectation, that those who have lost their income in December would face additional problems from the bank.
What does this actually mean? Those who are automatically on the list, they will apply to the commercial bank for restructuring and their bank will offer to suspend the payments for 3 months, or change the schedule, which will ensure delay of loan repayment within three months.
However, other conditions may be offered by the bank, such as a 4-month deferral or other conditions," Dzneladze said.
