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Savings & Retirement

Covid Loan Help Extended Through March By European Regulators

Virus Restrictions Drag French Economy Back into Slump
Photographer: Nathan Laine/Bloomberg

European banking regulators, seeking to soften the blow from the second wave of Covid-19, are giving borrowers more time to seek payment holidays on troubled loans.

The European Banking Authority, which coordinates rules across the bloc, said it’s reactivating policies that lapsed at the end of September that have already allowed borrowers to freeze repayments on 871 billion euros ($1.05 trillion). Under the new policy through March, banks can suspend or delay payments for borrowers for nine months.