The three-month moratorium (90 days) for bank customers who had active loans (or in force) on the day of the great storm Kristin – which in the early hours of January 28th devastated much of the central region of Portugal and several locations in the north and south of the country – will be available until April 28th, but only for people who have their situation regularized with the Tax Authorities and Social Security, who do not have outstanding bank payments or who are not insolvent.
According to the guide published this Tuesday by Banco de Portugalthe temporary and exceptional moratorium regime that came into force on February 6, 2026 “intended to support bank customers, borrowers of credit contracts, who have been affected by the impacts of storm Kristin and other hydrological phenomena that occurred recently” will not be available to people who, at the time of the tragedy, were in legal trouble, in debt to the State or Social Security or in a situation of insolvency, for example.
In relation to individuals who have loans from the bankthe authority governed by Álvaro Santos Pereira explains that “consumers can benefit from the moratorium on credit contracts for the acquisition or construction of their own permanent home of which they are borrowers, and on financial leasing contracts for their own and permanent home”, but to do so it is necessary to comply, at the same time, with all of the following seven requirements.
“The credit agreement was effective January 28, 2026;
The property that constitutes the permanent own housing is located in one of the municipalities covered by Resolution of the Council of Ministers no. 15-B/2026, of January 30, and Resolution of the Council of Ministers no. 15-C/2026, of February 1;
Although the property is located outside the municipalities covered, at least one of the borrowers is on lay-off in a company headquartered or carrying out activities in those municipalities”.
Additionally, it is a condition for the moratorium that, on the fateful January 28, 2026, the aforementioned borrowers were not “in default or in default of credit agreements more than 90 days ago (or, if so, they did not meet the materiality criteria set out in Bank of Portugal Notice No. 2/2019 and in Regulation (EU) 2018/1845 of the European Central Bank, of 21 November 2018)”;
And yet, they could not be “in a situation of insolvency or suspension or cessation of payments”;
Nor “to be subject to judicial enforcement by any institution with which they have credit agreements”;
Finally, and not least, it is imperative to access the moratorium that borrowers have “their situation regularized with the Tax and Customs Authority and Social Security“.
The case of companies
According to the BdP, “companies, sole proprietors, cooperatives, associations of agricultural producers, entities holding agricultural and forestry holdings, agricultural cooperatives, producer organizations and entities managing forestry or silvopastoral holdings, private social solidarity institutions, non-profit associations and other social economy entities and entities (public or private) holding rights of ownership, use or administration of natural, cultural or sporting heritage, which cumulatively fulfill eight criteria.
Companies and entities in need “must be based or carry out their economic activity in the affected municipalities, which are listed in paragraphs 2 and 3 of Resolution of the Council of Ministers no.
“In the case of entities holding legally recognized agricultural and forestry holdings, agricultural cooperatives, producer organizations and entities managing forestry or silvopastoral holdings, they are the holders or managers of the affected productive assets;
In the case of public or private entities, holders of property rights, use or administration of natural, cultural or sporting heritage, their heritage was affected by storm Kristin or other hydrological phenomena”.
Additionally, companies could not be, on January 28, 2026:
“- In default or non-compliance with credit agreements for more than 90 days (or, if so, they did not meet the materiality criteria set out in Bank of Portugal Notice No. 2/2019 and in Regulation (EU) 2018/1845 of the European Central Bank, of 21 November 2018);
– In a situation of insolvency or suspension or assignment of payments;
– To be subject to judicial enforcement by any institution with which they have credit agreements.”
As in the case of private bank customers, entrepreneurs who wish to request a moratorium on loan payments must also have “your situation regularized with the Tax and Customs Authority and Social Security”highlights the Bank of Portugal.
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