MORATORIUM ON SMB DEBTS DATA UPDATED to 31 March and the list of soft loans eligible for suspension
The results to 31 March 2010 of the application of the Joint Notice concerning the suspension of debts for small and medium size businesses are released today. The Notice was signed by the Minister for the Economy and Finance, The Italian Banking Association and representatives of the businesses in all the relevant sectors of the economy.
Applications for suspension received to 31 March numbered around 170 thousand for a residual debt of more than 50 billion euro, concerning around 15% of the total SMB debt stock with the banking system.
Taking into account the procedural timetable (around 30 days), up to March almost 130 thousand applications had already been granted for the suspension of approximately 9.5 billion euro of mortgages and leasing.
It should be noted that there are still almost another two months in which to apply for a suspension on the basis of the provisions of the 'Joint Notice'. 30 June 2010 has in fact been fixed as the deadline for submission of applications.
The documentation provided in April to the Treasury Department by lenders is attached, together with the list of public funding referred to (available in Italian only). The previous lists accompanied the press releases of 2 and 29 March 2010. Overall, a considerable number of Chambers of Commerce have signed up to the Notice, along with the following Regions: Emilia Romagna, Lombardy, Marche, Piedmont, Tuscany, Umbria, Veneto, Valle d'Aosta, Abruzzo, Sardinia and the Istituto di Credito Sportivo.
Any further decisions taken must be sent to the Treasury Department no later than 17 May.