In response to the recent amendments to the Tax Code, Converse Bank has made a decision to waiver the penalties accrued against the loans of individuals classified bad and having been overdue for 271 days and a longer period as of May 31, 2018, on the condition that the borrower pays the principal and accrued interests based on the agreed scheduled.

The Bank expresses the willingness to refinance the aforementioned loans at up to 7-year maturity, taking into account the amount of debt, the cash flows, their seasonality and the proposed security. We expect that those customers who perform their credit obligations properly based on the new schedule will restore their credit history and will enhance the opportunities to cooperate with the Bank and to use the new products.

To start the process, the borrowers have to apply to any branch of Converse Bank by the end of 2018, to discuss the repayment schedule for principal and accrued interests.

According to the information disclosed by the Bank, though the recent changes in the Tax Code refer to the loans of individuals, the Bank is in the process of development of a debt reorganization plan that will also cover the legal entities’ and sole proprietors’ loans of up to AMD 20 M contracted amount classified bad.