The information duties to be complied with by credit institutions within the scope of public and private moratoria approved in response to the COVID-19 pandemic is now regulated in the Notice of the Bank of Portugal no. 2/2020, that came into force on 7 May.

According to this Notice, credit institutions are obliged to disclose to their customers the moratoria applicable to credit operations offered by them by publicising the relevant framework in a prominent place in their communication platforms. In addition, financial institutions will have to send a communication to all their customers who have contracted credit operations covered by the moratoria, informing them of the possibility of adhering to its application.

Finally, it has also been established that credit institutions must ensure the clarification of doubts on the application of moratoria through a FAQ section on their website and telephone lines or through a personalised chat.

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[Photo: Sean Pollock, available at: unsplash.com]