MONETA Money Bank : to Join the Summer of Grace, Waive Sanction Fees for Insolvent Clients

MONETA to Join the Summer of Grace, Waive Sanction Fees for Insolvent Clients

Prague, 11. November 2021

MONETA will waive all sanction fees and penalties for clients who are more than three months in default on their financial obligations. This will be done provided that they repay the original principal amount, including the outstanding commercial interest, within a maximum of seven years. The bank will thus join the Summer of Grace, which runs until the end of January next year.

The offer applies to those clients who were more than 90 days in default on their unsecured loans as of 31 October this year. "We have decided to meet the needs of those of our clients who may have found themselves in financial distress in the context of the worsening economic situation, but are interested in meeting their financial obligations in the future," said Tomáš Spurný, Chairman of the Management Board of MONETA Money Bank. The bank's offer covered over 7,000 contracts at the end of October. "At the moment, 7,383 contracts are more than three months in default. This means that MONETA is ready to waive almost CZK 115 million at the moment," said Tomáš Spurný.

The general pardon for the above penalties will be granted by MONETA at the time of payment of the principal and commercial interest. Clients will have seven years to do so. If they duly comply with the new repayment agreement, the bank will not charge them any further interest or penalties during this period. "Provided the basic conditions are met, interested parties can apply for this option online through our website. However, even in the case of MONETA, this offer is limited and, like the Summer of Grace, is valid only until the end of January next year," said Zuzana Filipová, spokesperson for the MONETA Group, adding that the launch of online applications is set for 24 November.

The "MONETA Summer of Grace" offer applies to unsecured consumer loans for natural persons and also to unsecured loans to sole traders or self-employed persons. On the other hand, the possibility of negotiating a repayment agreement for a period of seven years and the subsequent waiver of penalty fees does not apply to clients in insolvency and foreclosure. For those, the bank offered partial debt forgiveness already in the first half of this year. "However, even these clients who are interested in further resolving their financial obligations can submit an online application. We are ready to offer them individual assistance," confirmed CEO Tomáš Spurný.

For clients who anticipate that they may have problems with repaying their financial obligations in the near future, MONETA already offers the possibility of adjusting the repayment schedule. In the past two years, the bank has already restructured 10,496 loan contracts in this way: more than 88% of the clients who have used this option are already repaying on time and without problems.

For more information, please contact:

Zuzana Filipová, mob.: [phone], [e-mail]

Beaufort PR

Jan Cihlář, [phone], [e-mail] or Media Service [e-mail] and www.moneta.cz

MONETA Money Bank, a.s., which is the controlling person of MONETA holding, is a leading independent Czech bank, servicing clients through its nationwide branch network. The bank has been traded on the Prime Market of Prague Stock Exchange since 2016. The bank has focused on retail and SME oriented business model with a strong position in the consumer and agriculture segments. In addition, the bank provides customers with insurance products and investment funds. MONETA serves more than 13% of the Czech population via an omni-channel distribution strategy which includes 154 branches and 555 ATMs, a market-leading digital banking platform, a call centre, auto dealers, building society and mortgage bank, brokers and leasing partners.

For more information, please contact:

Zuzana Filipová, mob.: [phone], [e-mail]

Beaufort PR

Jan Cihlář, [phone], [e-mail] or Media Service [e-mail] and www.moneta.cz

MONETA Money Bank, a.s., which is the controlling person of MONETA holding, is a leading independent Czech bank, servicing clients through its nationwide branch network. The bank has been traded on the Prime Market of Prague Stock Exchange since 2016. The bank has focused on retail and SME oriented business model with a strong position in the consumer and agriculture segments. In addition, the bank provides customers with insurance products and investment funds. MONETA serves more than 13% of the Czech population via an omni-channel distribution strategy which includes 154 branches and 555 ATMs, a market-leading digital banking platform, a call centre, auto dealers, building society and mortgage bank, brokers and leasing partners.