HSBC Malta introduces measures to support businesses affected by Coronavirus
HSBC Bank Malta p.l.c. (HSBC Malta) has introduced a number of measures to support businesses which may be negatively affected by the novel coronavirus outbreak.
“These measures, which are coming into effect immediately for those businesses which meet HSBC Malta’s credit criteria, include: capital repayment holidays; fee free temporary short-term working capital funding; faster turnaround on issuance of shipping guarantees and the waiver of urgency fees; as well as the waiver of amendment fees on Letters of Credit impacted by delays,” the bank said.
Joyce Grech, Head of Commercial Banking at HSBC Malta said, “The outbreak of the coronavirus is having a significant impact on the global economy and, of course, Malta is also being affected. As we enter what is likely to be a challenging period, particularly for businesses in certain sectors, HSBC Malta is determined to do what it can to provide the support our customers need. As the situation develops, HSBC Malta will continue to monitor the situation and to assess what further measures may be necessary.”
HSBC Malta commercial customers who feel they require support due to the impact of the novel coronavirus on their business are asked to contact their relationship manager who will be able to provide guidance on the next steps. Each request for support will be considered on a case-by-case basis.
Earlier in the day, the Malta Hotels and Restaurants Association (MHRA) said that over the past days it has been calling upon the main banks and meeting them to extend a moratorium on loan repayments to the tourism and hospitality industry, hit as it is by a slowdown due to the coronavirus situation.
“Towards this end BOV and HSBC have in principle agreed to provide general support and consideration toward any areas which may be impacted by such exceptional adverse circumstances. Given that specific clients may require different responses, the banks have pledged to work constructively with each to agree on any appropriate support arrangements,” the MHRA said in a statement.
The MHRA said it has been following the latest developments by actively participating in all meetings organised by relevant authorities, and keeping in touch with their international network and local stakeholders with a view to keep members adjourned and accordingly provide them with the necessary support. “The situation has complicated itself since Italy has been locked down. Indeed, the situation is creating a strong negative impact on the tourism and hospitality sector.”
Furthermore, the MHRA said that a meeting was held with the Minister of Tourism and Consumer Protection, Julia Farrugia Portelli, in the presence of Ministry and Malta Tourism Authority (MTA) officials. “The severity of this crisis was made very clear to the minister and discussed avenues on how to best mitigate the negative effects of the global outbreak of the COVID-19 virus on the local tourism industry.”