The Hungarian National Bank (MNB) has issued its updated management circular for the treatment of outstanding loans affected by legislative moratoria.
In line with the European Banking Authority (EBA) position, the MNB states that it not necessary to automatically qualify a customer loan as being defaulted or restructured (and thus the creation of higher provisions is not necessary) if the loan fell under the Hungarian legislative moratoria for up to nine months prior to the expiry date of the second moratorium on 30 June 2021.
In a recent decision by the influential Third Circuit Court of Appeals, In re KB Toys Inc., 2013 U.S. App. LEXIS 23083 at *17 (3d Cir. Nov. 15, 2013), the Court decided that “the cloud on the claim” stemming from a preferential payment made to the original claimant continues with the claim, which then could be disallowed.
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