AmBank To Consider Targeted Moratoriums Once Automatic Moratorium Ends

AmBank has stated that it considers a second blanket automatic moratorium unwise – but is open to the possibility of targeted moratoriums once the ongoing six-month moratorium ends at the end of September 2020.

“The question is whether we should do a same kind of (blanket) moratorium again,” said AMMB group CEO Datuk Sulaiman Tahir. “We don’t think it is wise to do so, if at all we should (only) be looking at certain groups of people who would be needing it.”

Datuk Sulaiman said that the environment is quite different pre- and post-movement control order (MCO), with banks being in a good position to help customers who have been affected after MCO. “Some businesses are telling us that they don’t need the moratorium anymore and they are commencing repayments as normal since business has picked up,” he added.

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(Image: NSTP)

This follows shortly after Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has commented that banks will have the final say in extending the current loan moratoriums – as well as whether they would be done in a targeted manner. Tengku Zafrul commented while the current moratorium is helping everyone, the best way forward would be to focus on targeted groups who need help.

Earlier on Friday, Maybank was the first bank to come forward and announce that it will not be extending its current automatic period when it ends in September.

(Source: The Star)

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