Given the emerging COVID-19 situation, the Malta Chamber wishes to inform its members of a number of measures which our Gold partners HSBC Malta have just announced this morning, to support the local business community.
The measures announced this morning include:
1. Capital repayment holidays
Where our customers are facing loss of business we will consider short term capital repayment holidays on term lending. Interest repayments will need to continue being made throughout the term of the concession. This will enable businesses to meet other payments until the situation reverts to normal.
2. Fee free temporary short-term working capital funding
To help customers who are facing cash-flow problems due to loss of business arising as a result of the outbreak, we will consider fee free temporary short-term working capital funding.
3. Faster turnaround on issuance of Shipping Guarantees and waiver of urgency fees
To help customers experiencing delays in receiving shipping documents from counter-parties, the Bank will give issuance of shipping guarantees ‘immediate priority’, as opposed to the standard ‘same-day’ issuance. We will also waive our ‘urgency fees’ in such cases. This means a customer can take transfer or receive goods from their counter-party faster without incurring additional costs.
4. Waiver of amendment fees on Letters of Credit impacted by delays
During this period, customers may experience delivery disruptions resulting in the late shipment and late presentation of documents. The waiver of amendment fees on the Letter of Credit (LC) will enable customers to change the terms of the LC to avoid penalty costs when their supplier presents documents under the LC.
All customer requests for support will be considered individually - HSBC Malta is ready and fully briefed to engage with businesses across the country.
We hope this support will be useful for the country and our members at this time.