Luminor’s position on loan deferment

Andrius Načajus, Branch Manager of Luminor Lithuania

Due to the extraordinary circumstances, when the coronavirus impacts nearly every business and individual, we have decided to allow deferral of mortgage payments up to 6 months for customers in good standing and with no overdue payments at the past. We will evaluate each application on a case-by-case basis. For customers, whose income has already decreased or is likely to decrease, also for those, who foresee other circumstances likely to impact the repayment of the loan, we recommend contacting the bank immediately. The sooner we start discussions, the more options there will be remaining to find a mutually acceptable solution. We strongly encourage to contact the bank only using phone, e-mail or online banking.

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In the case of lease agreements, private individuals will have a possibility to defer loan repayment for three months.

For corporate clients, loan deferment is a standard procedure in case of liquidity problems. If a customer communicates to the bank about the issue in its early stages, we are in a position to make mutually agreeable decisions. Depending on the client’s situation and provided the client passes the established risk criteria, we can pick from several scenarios to restructure the loan and offer a deferment period of 3 to 6 months.

We are getting ready to offer more possible solutions to the problem in case the economic impact on the coronavirus outbreak keeps increasing.

Luminor is the third-largest financial service provider in the Baltic States’ banking sector. At the end of 2019, Luminor’s market share was 16.6% in deposits and 18.7% in lending. With 2500 employees, Luminor is capable of taking proper care of its 940 thousand clients. The bank’s CET1 ratio is 19.7%, and its shareholder equity comprises 1.6 billion euros.

Translated by MP Translations Agency in Kaunas.

Luminor’s position on loan deferment

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