HSBC Malta introduces measures to support businesses affected by Coronavirus
HSBC Malta has been closely following the development of the Novel Coronavirus (COVID-19) outbreak and its impact on the world economy. We understand that some of our local business customers may be facing or may face adverse effects as a result of this virus. We have therefore put together a range of measures to support our customers throughout this period. For our customers who meet our credit criteria we will consider the following concessions:
- Capital repayment holidays
Where our customers are facing loss of business we will consider short term capital repayment holidays on term lending. Interest repayments will need to continue being made throughout the term of the concession. This will enable businesses to meet other payments until the situation reverts to normal.
- Fee free temporary short-term working capital funding
To help customers who are facing cash flow problems due to loss of business arising as a result of the outbreak, we will consider fee free temporary short-term working capital funding.
- Faster turnaround on issuance of Shipping Guarantees and waiver of urgency fees
To help customers experiencing delays in receiving shipping documents from counter parties, the Bank will give issuance of shipping guarantees ‘immediate priority’, as opposed to the standard ‘same-day’ issuance. We will also waive our ‘urgency fees’ in such cases. This means a customer can take transfer or receive goods from their counter party faster without incurring additional costs.
- Waiver of amendment fees on Letters of Credit impacted by delays
During this period, customers may experience delivery disruptions resulting in the late shipment and late presentation of documents. The waiver of amendment fees on the Letter of Credit (LC) will enable customers to change the terms of the LC to avoid penalty costs when their supplier presents documents under the LC.
We appreciate that all businesses have their particular requirements, so all concessions will be considered on a case-by-case basis. Customers who feel they need support are asked to contact their Relationship Manager who will be able to provide additional guidance on next steps.
Our customers’ needs are important to us and we will continue assessing what further measures we may be able to take as the situation develops and will make further communications where necessary.
We have also put in place a support package for personal customers. More information can be found here.