Novo Banco Suspends Payment Collection on More Than 30,000 Mortgages

20 August 2020 – Novo Banco has temporarily suspended monthly mortgage payments on 36,642 loans since Covid-19 crisis began in March. Those loans, according to a statement by the bank, are worth a total of approximately 2.15 billion euros.

Even so, the bank, which reported losses of €555.3 million in the year to June, stated that 85% of its total number of mortgage holders continued to pay their monthly instalments in full. The Portuguese government allowed for a suspension of mortgage payments to support families and companies adversely affected by the Covid-19 pandemic.

Original Story: Jornal de Negócios

Translation/Summary: Richard D. Turner