Circular CSSF 20/749 is a CSSF circular, published 28 July 2020 and updated 20 May 2026. Subject: Amendment of Circular CSSF 20/741 on the adoption of the Guidelines of the European Banking Authority on legislative and non-legislative moratoria on loan repayments applied in the light of the COVID-19 crisis (EBA/GL/2020/02). The CSSF marks it as outdated.
\nRelevant for: Credit institutions.
\nKeywords: Coronavirus.
\nAmends Circular CSSF 20/741.
\nEUROPEAN BANKING AUTHORITY ON LEGISLATIVE AND NON-LEGISLATIVE MORATORIA ON LOAN REPAYMENTS APPLIED IN THE LIGHT OF THE COVID-19
\nCRISIS (EBA/GL/2020/02)
\nCircular CSSF 20/749 Re: Amendment of Circular CSSF 20/741 on the adoption of the Guidelines of the European Banking Authority on legislative and non-legislative moratoria on loan repayments applied in the light of the COVID-19 crisis (EBA/GL/2020/02) following the amendment of EBA/GL/2020/02 by EBA/GL/2020/08.
\nLuxembourg, 28 July 2020
\nLadies and Gentlemen,
\nTo all credit institutions
\nIn accordance with the Guidelines of the European Banking Authority (EBA) EBA/GL/2020/08 amending the EBA/GL/2020/02 on legislative and non-legislative moratoria on loan repayments applied in the light of the COVID-19 crisis (the Guidelines), the date of 30 June 2020 by which moratoria must be effectively applied (i.e. payment must be rescheduled) has been extended to 30 September 2020. The purpose of this circular is therefore to amend the Circular CSSF 20/741 to introduce the new deadline of 30 September 2020. Requirements as regards reporting and disclosure have been communicated through the Circular CSSF 20/748 on the adoption of the Guidelines of the EBA on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis (EBA/GL/2020/07). To facilitate reading and understanding, the amendments to the Circular CSSF 20/741 are presented in track changes (Annex 1).
\nYours faithfully,
\nAnnex 1 Circular 20/741 as amended by Circular 20/749 Re: Adoption of the Guidelines of the European Banking Authority on legislative and non-legislative moratoria on loan repayments applied in the light of the COVID-19 crisis (EBA/GL/2020/02), as amended by the EBA guidelines EBA/GL/2020/08.
\nLuxembourg, 28 July 2020
\nLadies and Gentlemen,
\nTo all credit institutions The purpose of this circular is to inform you that the CSSF, in its capacity as competent authority, complies with 1 and applies the Guidelines of the European Banking Authority (EBA) on legislative and non-legislative moratoria on loan repayments applied in the light of the COVID-19 crisis (EBA/GL/2020/02), as amended by the EBA guidelines EBA/GL/2020/08 (the Guidelines). Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach with a view to promote supervisory convergence in this field at European level. All entities that have adhered to general payment moratoria that are effectively in place by 30 June 202030 September 2020 and that are willing to benefit from the EBA/GL/2020/02Guidelines shall duly comply with them.
\nThe Guidelines
\nIn line with the EBA statement of 25 March 2020, the EBA has published the EBA/GL/2020/02Guidelines to specify the prudential treatment of legislative and nonlegislative moratoria on loan payments introduced in response to the COVID-19 pandemic. These Guidelines apply in relation to the application of the definition of default in accordance with Article 178 of Regulation (EU) No 575/2013 (CRR) and classification of forbearance in accordance with Article 47b CRR.
\n“Significant supervised entities” as defined in Article 2, point 16 of Regulation (EU) No 468/2014 of the European Central Bank (ECB) of 16 April 2014 (SSM Framework Regulation) shall refer to the relevant ECB rules (if any).
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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