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Cobalt Helps Latvian Banking Industry Reach Agreements on Loan Repayment Moratoria

Cobalt Helps Latvian Banking Industry Reach Agreements on Loan Repayment Moratoria

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Cobalt has assisted in the drafting of the terms and conditions of moratoria introduced by Latvian banks and liaised with the Latvian competition authority to obtain backing for the process and outcome of negotiation.

According to Cobalt, "under the auspices of the Finance Latvia Association, a number of banks have agreed to introduce standardized deferral of loan repayments in light of the COVID-19 crisis. The moratoria, available to natural persons and businesses, were announced on 29 April and 5 May 2020, respectively."

In addition, Cobalt reports, "both moratoria are based on European Banking Authority’s guidelines which allow banks to address the short–term operational and liquidity challenges faced by borrowers, without incurring adverse consequences for capital adequacy. The benefit of the guidelines is available only if the deferral scheme covers the national banking industry or a material part of it. The purpose of these exceptional measures is to reduce the risk of an epidemiological crisis morphing into a financial contagion."

Cobalt Partner Ugis Zeltins led the firm's team on the project.

Latvian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

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