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The main measures adopted through the Emergency Ordinance no. 37/2020 regarding granting
facilities for the loans granted by credit and non-bank financial institutions to certain categories of
borrowers are:
1. The following categories of borrowers may benefit from the deferral of outstanding loan
installments representing capital ratios, interest and fees between 1 month and 9 months but
no later than December 31st 2020:
-Natural persons
– Authorized natural persons (Persoane fizice autorizate – PFA), individual enterprises,
(întreprinderile individuale – II), liberal professions
– Legal entities
2. The above-mentioned facility is granted:
2.1. for the non-outstanding loans at the date of the emergency state imposition in Romania
(March 16th 2020) or for the loans for which the borrowers have paid these outstanding
amounts by the date of the application for the suspension of the payment obligation
mentioned above in paragraph 1.
2.2. exclusively to borrowers whose revenues have been affected directly or indirectly by
the serious situation caused by the COVID-19 pandemic, according to the implementing
rules of this emergency ordinance.
Note: the implementing rules of this emergency ordinance are approved through Government
Decision within 15 days.
3. Companies (LTD, PFA, II, etc.) which have loan or leasing contracts and wish to benefit from the
suspension of the reimbursement of installments, interest and fees have to cumulatively
comply with the following requirements:
a) Have ceased their activity totally or partially as an effect of the decisions issued by the
competent public authorities during the decreed emergency state and have the
emergency state certificate (certificatul de situaţii de urgenţă – CSU) issued by the
Ministry of Economy, Energy and Business Environment.
** Certificate TYPE 1 (BLUE) – issued to entities based on the affidavit stating the partial or
total ceasing of the activity as an effect of the decisions issued by the competent public
authorities during the decreed emergency state (e.g.: restaurants, hotels, cafés, beauty
salons, educational establishments, dental cabinets, etc.)
** Certificate TYPE 2 (YELLOW) – issued to entities based on the affidavit stating the
reduction of revenues and receipts by minimum 25% in March 2020 by reference to the
average of January and February 2020.
b) Is not in insolvency at the date of the request for the suspension of the reimbursement
of the loan according to the information available on the web page of the National Trade
Registry.
4. The borrowers` requests (companies or natural persons) to the creditors can be made by email
or phone up to 45 days maximum from the entry into force of this emergency ordinance
(until May 14th 2020 included).
The creditors shall analyse the request and approved it under the provisions laid down in the
implementation rules.
5. Details regarding the interest due by the borrowers:
– The interest due by the borrowers associated to the due amounts whose payment is
suspended shall be reported in the balance of the existing loan at the end of the
suspension period.
– For the mortgage loans taken out by natural persons the interest associated to the
suspension period is calculated according to the provisions of the loan contract and
represents a separate and independent claim in relation to the other obligations arising
from the loan contract. For this claim, the interest is 0% and the payment by the borrower
for this claim shall be done in 60 monthly equal installments, starting with the first month
after the end of the deferral period.
6. Modifying the loan contracts according to the provisions of this emergency ordinance shall be
done under the effect of the Law without the drawing up of addendums. Within 30 days from
receiving the request, the creditor shall notify the borrower regarding the modified contract
terms needed for the implementation of the provisions within this emergency ordinance.
7. In application of this Emergency Ordinance, the Ministry of Public Finance shall develop
implementing rules approved through Government Decision within 15 days of the entry into
force of this Emergency Ordinance.

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Lina Suditu

Senior Consultant