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Economics in a picture

Economics in a picture

Credit moratoria to firms expired in December 2021, but the overdue credit ratio continues to show very low values.


Percentage of loans granted to NFC under moratoria


Credit moratoria made it possible to extend the deadline for payments to creditor institutions, without giving rise to contractual default. This measure was introduced in March 2020 and expired in December 2021. The share of loans granted to non-financial corporations (NFC) under moratoria was relatively stable, peaking at 34.1% of the total amount (22.9% of the number of debtors) in September 2020. 

In December 2021, around 30% of the total amount of bank loans to non-financial corporations was at some point under moratoria. These loans may have higher credit risk, as they are associated with firms more affected by the pandemic. Information on these loans, which is still limited for the post-moratorium period, only points to an increase in default associated with the probability of not complying with the payment plan. The overdue credit ratio for these loans continues to show very low values.


For more details see Box 1 "Loans under moratoria and State-guaranteed loans to firms: developments and outlook", published in the Economic Bulletin of Banco de Portugal, May 2022.

Prepared by António Santos. The analyses, opinions and findings expressed above represent the views of the author and not necessarily those of Banco de Portugal or the Eurosystem.

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