Abi Agreements

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Abi Agreements

Both the 2019 ABI agreement and its addendum and the decree-law aim at the same thing: to reduce the negative effects of the COVID-19 pandemic on the national socio-economic fabric by providing support measures for SMEs. Both the 2019 ABI agreement and the decree-law are aimed at SMEs within the meaning of recommendation 2003/361/EC of the European Commission of 6 May 2003, which are established in Italy and which allow both to suspend and/or renew the repayment terms of certain types of loan contracts. The ABI 2019 credit contract (Agreement per il Credito 2019) was adopted on 15 November 2018 by the Italian Federation of Banks (ABI) and some Italian business associations (e.g. Confidustria, Coldiretti, Confedilizia, Confcommercio and Confesercenti) and after the release of COVID-19, a new addendum was adopted on 6 March 2020 to extend the scope of the 2019 abi to loan agreements concluded until 31 January 2020. This date may still be changed, as the parties will reconr meet on April 13, 2020 to consider whether further agreements are needed and whether the amnesty should be extended. For the purposes of acceptance, the Bank has the right to evaluate additional guarantees to mitigate or cancel any increase in the interest rate, taking into account the size and quality of the coverage itself. Credit Agreement 2019 – “Imprese in Ripresa 2.0” Initiative (ABI agreement), supplemented by the addendum of 6 March 2020, the addendum of 22 May 2020 and the circular of 26 June 2020 In accordance with the 2019 ABI agreement and its addendum: the bank will assess the request and forward its response to the compliant mail indicated in the notification within 30 working days of receiving the application, unless further details are required. In this context, corporate clients can request, referring to contracts concluded by January 31, 2020: after a joint review, this protocol will continue until June 30, 2020, after which it will cease to take effect. The protocol, which remains in effect until that date, reads: . The interest rate on suspension and extension transactions may be increased from the interest rate in the original loan agreement, solely on the basis of possible higher costs to the Bank, which are closely related to the execution of the transaction itself (for suspensions of up to 60 basis points). Without prejudice to the above, customers are not charged any additional fees and expenses to third parties for the execution of the suspension.

The ABI organizes a series of events ranging from member-only technical briefings to key strategic conferences with keynote players and influential participants, including a mix of members and external stakeholders. The ABI facilitates networking opportunities and provides members with the opportunity to speak directly with regulators and policy makers at the heart of government. The ABI has just added a new one-year program for future leaders, which aims to provide promising leaders with career paths and promote diversity in the sector. Are you a member of the ABI? Sign up in our member space to access exclusive industry updates and membership services. The ABI and the Association of Personal Injury Lawyers have agreed on a position in cases where the restriction could be addressed in the coming months. (a) For unhired credit facilities and credit facilities completed before February 29, 2020 or, if the date of publication of the decree-law is later, the facility may be revoked in full or in part until September 30, 2020 (both for amounts already recovered and for amounts not used). A protocol has been agreed between the ABI and the APIL, which comes into force immediately.