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The use of debt moratoria was larger in the sectors more affected by the pandemic


Economics in a picture: The use of debt moratoria was larger in the sectors more affected by the pandemic


According to data from the Central Credit Register, in September 2020, 31% of the amount of loans granted to firms were under moratoria. The use of debt moratoria was more significant for large companies (33% of the amount of their loans to these companies and 31% for micro, small and medium-sized enterprises - SMEs). In companies created more than ten years ago, the percentage of outstanding balances on loans under moratoria is lower than in younger companies (31% and 33%, respectively).

Accommodation and food companies – one of the sectors more affected by the pandemic - stand out in the use of moratoria. About 55% of loans granted to this sector are under moratoria. Generally, moratoria were more common for companies in the sectors most affected by the pandemic. For firms in these sectors, the use of moratoria was larger for companies with credit risk below the median (42% of loans to low-risk companies in the most affected sectors are under moratoria, compared with 39% for high-risk companies in the same sectors). The use of moratoria was less significant in low-risk companies in the sectors less affected (27%).



For more details see section 2.4, part III in Banco de Portugal Economic Bulletin, October 2020.


Prepared by Diana Bonfim and 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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