Covid-19, Covid-19 İn Malaysia, Bank Loan Moratorium, Covid-19 Aid, Bank Moratorium, Blanket Bank Loan Moratorium

Covid-19, Covid-19 İn Malaysia

‘Just because we can, doesn’t mean we should’: Finance minister justifies banks not giving blanket moratorium during MCO 3.0 | Malay Mail

‘Just because we can, doesn’t mean we should’: Finance minister justifies banks not giving blanket moratorium during MCO 3.0

5/6/2021 7:47:00 AM

‘Just because we can, doesn’t mean we should’: Finance minister justifies banks not giving blanket moratorium during MCO 3.0

KUALA LUMPUR, June 5 — Malaysia should not reintroduce a blanket moratorium or a freeze in loan repayments for all borrowers under the current total lockdown, as it is unnecessary and would not make financial sense when the government needs to ensure sufficient financial resources for the long...

channel for the latest updates.KUALA LUMPUR, June 5 — Malaysia should not reintroduce a blanket moratorium or a freeze in loan repayments for all borrowers under the current total lockdown, as it is unnecessary and would not make financial sense when the government needs to ensure sufficient financial resources for the long fight against the Covid-19 pandemic, the finance minister argued today.

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Finance Minister Datuk Seri Tengku Zafrul Aziz today wrote a lengthy statement to explain why it is not the best or most responsible move now for banks to suspend loan repayments for all borrowers instead of just those who need it, arguing that at least 80 per cent of borrowers in Malaysia do not need this and can continue repaying loans.

He said that borrowers in Malaysia that still need help repaying their loans currently can take up such help from banks — in the form of a three-month moratorium or a six-month reduction in loan repayments by half.“Knowing that those who need temporary relief have options, and those who can afford it have resumed repayments, is a blanket moratorium the smart thing to reinstate, particularly when we know we must optimise our resources?” he asked.

“Most of us agree that fighting this Covid-19 war is more of a marathon than a sprint. Hence, why are we using a sledgehammer to crack a nut? Why are we deploying more resources than necessary if we know the journey ahead could potentially be both long and challenging?” he asked

His statement also included this phrase: “Just because we can, doesn’t mean we should.”In his statement, Tengku Zafrul said the banks’ six-month automatic blanket moratorium last year under MCO 1.0 had benefited all borrowers, including those who are rich, the elite, big companies and even companies with massive profits. 

He said about 85 per cent of borrowers in Malaysia resumed their loan repayments after the moratorium ended in September 2020, which he said was a strong indication that most Malaysians were able to continue paying their borrowings.For the remaining 15 per cent borrowers who are struggling, Tengku Zafrul said the banks had then offered options such as three-month moratorium or a six-month reduction in loan repayments by half or other options tailored to their financial circumstances.

Noting the billions of ringgit of assistance and measures channelled by the government to help the public and businesses and signs of economic recovery with the gross domestic product in March 2021 at +6 per cent, Tengku Zafrul went on to say that banks are currently still offering assistance to borrowers who need help in repaying their loans.

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This Loan Repayment Assistance (LRA) offers the options of a three-month moratorium or a six-month 50 per cent reduction in monthly loan installment, and is available to all jobless individuals, those in the M40 and T20 group with reduced income, B40 or low-income recipients of government aid under Bantuan Prihatin Rakyat, micro small medium enterprises (micro SMEs) with loans up to RM150,000, and SMEs and micro enterprises that are part of economic sectors that are locked down during MCO 3.0. 

He said such borrowers will receive automatic approval when applying for either option, and that the banks have agreed that any distressed borrower will never be turned away during these tough times.The LRA is currently in place instead of the blanket moratorium that was in place last year.

While the Emergency (Essential Powers) Ordinance 2021’s Section 4 does give the government the powers to mobilise any resources necessary for public good, Tengku Zafrul noted that any such compulsory action by the government requires compensation to the party that yielded its resources. — Reuters pic

Compensation, investor confidence, new banking crisisTengku Zafrul clarified that the finance minister of Malaysia does not have the authority under two laws — the Central Bank of Malaysia Act 2009 (CBA) and the Financial Services Act 2013 (FSA) — to instruct banks to give an automatic moratorium for loans.

While the Emergency (Essential Powers) Ordinance 2021’s Section 4 does give the government the powers to mobilise any resources necessary for public good, he noted that any such compulsory action by the government requires compensation to the party that yielded its resources.

“In short, this cannot be done at zero cost to the government,” he said.“But just because we can, does that mean we should? Repeating the blanket moratorium also means that the government may need to significantly compensate banks for a measure that was not even necessary in the first place. 

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“How does this make financial sense, particularly in a resource-tight situation for a potentially lengthy war against an enemy that can mutate without warning? I would rather direct those resources in the form of aid or subsidies to the rakyat and business segment that need them the most,” he said when speaking of the need to conserve the government’s financial resources for the long Covid-19 fight and using government funds to help the public instead.

Even if the government decided to play the “populist card” and forced the country’s business community to reimpose measures such as a blanket moratorium, Tengku Zafrul highlighted the risks of investors’ confidence being affected in Malaysia’s policies for the long-term.

As the rule of law is necessary for a stable market, the minister said the government’s indiscriminate invoking of Emergency powers may result in parties being forced to break or amend contracts, which he said would in turn seriously impact future business and investments.

“This may also have far-reaching implications which may lead to a run on our capital markets, and cause an outflow of funds which could, in turn, affect the ringgit’s value and increase the cost of doing business, collectively causing grave, long-term repercussions to our economy. We already have a public health and economic crisis to manage; why throw a potential financial and banking crisis into the mix?

“Is it neither fair nor responsible for the government to take all these risks just for the sake of enabling a blanket moratorium for everyone, particularly when we know that at least 80 per cent of borrowers do not need it, and banks are already giving or offering targeted assistance to borrowers that really require this relief,” he argued.

Avoiding self-destructive moveHe also suggested that bringing back a blanket moratorium would end up hurting the public itself, as the key investors or largest shareholders of banks in Malaysia are actually public institutions investing and managing funds on behalf of Malaysia.

“This unnecessary self-destructive, over-specified solution to the issue at hand is like cutting off our nose to spite our face,” he said.He noted these key shareholders in banks to be institutions like Employees Provident Fund (EPF) and Retirement Fund (Incorporated) (KWAP) which manage retirement funds for the private sector workers and the civil servants respectively, Permodalan Nasional Berhad (PNB) which issues unit trust funds for Malaysians, Lembaga Tabung Haji which manages savings belonging to Muslims, Socso which manages a social security fund for workers, and insurance companies and fund managers managing investments for Malaysians.

“In short, it is the general rakyat who ‘own’ the banks, albeit by proxy via entities like EPF and PNB. Ultimately, it is the rakyat who will get lower dividends from EPF, ASB or Tabung Haji etc., if banks suffered losses through, say, a blanket moratorium,” he said.

He suggested that not having a blanket moratorium but only helping borrowers in need would be the “best win-win situation”, as this would protect depositors, shareholders and borrowers, while also ensuring that capital or funds in the financial market ecosystem is used efficiently to grow the economy.

He had explained that a blanket moratorium would not receive loan repayments from borrowers in order to lend to other borrowers, while at the same time still having to continue paying interest to depositors’ whose funds were used to lend to borrowers.

He also explained that bank profits are used to build up buffers so that banks can continue to give out loans to support the economy despite losses from loans, and that lending would be severely constrained if there are no such buffers and would disrupt the cycle and stop the economic benefits created from efficient movement of funds or capital.

“Part of my responsibility as a Finance Minister is to avoid decision-making based on narrow short-term interests meant to serve a populist agenda, and do what is right for the rakyat, our market stability and the country’s long-term benefit,” he also said in conclusion.

His lengthy statement was published in English byThe Staras “Why use a sledgehammer to crack a nut?” and in Bahasa Malaysia bySinar HarianJangan guna belantan hanya untuk memukul nyamuk di badan Read more: Malay Mail »

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Paying bank, lepas PN terbarai nanti, ini la peluang balik jadi CEO bank tzafrul_aziz Astaghfirullah.. 🤦🏻‍♀️🤦🏻‍♀️🤦🏻‍♀️ Is he a minister or joker , now his misleading nonsense statements. Just because we can accept this government's nonsense, doesn't mean we should. Haha you're so 💩. I can't pecatmenterikewangan

Just because you are, doesn't mean you should stay on as Finance Minister KerajaanGagal should have followed the same principle before taking over from a legitimately elected government 🙄 Masalah juga ada menteri dr profesional yg bukan dari kalangan wakil rakyat ni.Dia tak boleh faham langsung apa yang rakyat tengah rasa.Dia pikir dia je..

Pergh dah macam kerajaan despot dah, mampu tapi tak mahu membantu rakyat KerajaanZalim tzafrul_aziz go fly kite 'Just because I'm a minister, doesn't mean I won't help my banker friends'

MCO 3.0: Bank Muamalat continues to provide payment assistance to customers | Malay MailKUALA LUMPUR, June 3 — Bank Muamalat Malaysia Bhd will continue to provide payment assistance to its customers who are facing financial distress due to the current economic disruptions arising from the ongoing Covid-19 pandemic and movement control order (MCO). In a statement, chief executive...

He was a banker. What can we expect from him Senator aje, Kawasan Parlimen pun tak ade, sembang macam Kapitalis.... Suruh dia balik ke Korporat aje lah....gaji dibayar Rakyat, pikir macam keje dgn Bank.... Hampeh Already told you guys the first day he sworn as finance minister with his way of managing was totally pathetic and don’t forget he’s a former bank CEO. With his statement, he is covering the banks

'We' as in you and the banks? Eh hallo! You are the Finance Minister la wei, you should be working for us, not for the banks. Aparaaa kamjat! You heard him he does not care about ordinary Malaysian who have issues Sama tak? ale uto bapak koa tzafrul_aziz 'We' as in you and the stupid goverment or you and your banker friend?

Just because we can, doesn't mean we'll vote you kerajaanPN next election Just because you kaya-raya, doesn't mean everyone else is.

MCO 3.0: Home minister says more roadblocks to be mounted in Kuala Lumpur, Selangor | Malay MailKUALA LUMPUR, June 4 — More roadblocks will be mounted, especially in Kuala Lumpur and Selangor, following an increase in the number of vehicles on the road. Home Minister Datuk Seri Hamzah Zainudin said this could number up to 1,000 roadblocks per day compared to the 930 mounted currently.... What the heck for? When everyone has a 'valid' letter to travel? Might as well do more spot checks on factories. Ko ingat polis2 kat msia ni buruh kasar ke, suke2 tengkuk ko nk kerah....eiiiiii bodoh!!!!! Is MCO effective only through roadblocks?

Are you even remotely in touch with the grim reality of the peple on the ground? tzafrul_aziz belit belit daa. Last time you said the government has no power la bagai. Stop kencing rakyat! Buat apa nak susahkan bank kalau boleh susahkan rakyat 🤷🏻‍♀️ Man how could you? Like seriously? Rakyat kena gantung diri dalam pfis kau dulu ke sebelum kau perasan rakyat tengah susah?

Adohhh.. tzafrul_aziz ni berkhidmat utk rakyat ke atau untuk bank2 kapitalis.. bank2 masih untong berbilion kot masa pandemik ni.. bukan minta hapus hutang punnnnn.. cehh.. Berlagak Aik Tengku Zafrul, asal fallacious sangat response ? Pi hentam ‘blanket moratorium’ buat apa? Tak pernah pulak aku dengar rakyat kata nak ‘blanket moratorium’ untuk semua? Common sense la orang nak bantuan untuk yg memerlukan. Org lain bukan kayangan cam hang

Bukan dia sepatutnyer yang banyak bercakap. Suruh PM keluarkan kenyataan. Ini menteri orang bank bukan wakil rakyat. Dia diplilih oleh ahli politik dan dilantik menjadi menteri kewangan. Jawapan dia tidak akan menyenangkan rakyat langsung. why do you even need to compensate the banks when they are still able to garner profits at these difficult times? plus, for mortgage, interests remain accrued throughout the deferred period?

Wahhhhh eksyen yeee...

Deputy minister: Licensed premises with essential items can sell alcohol during MCO | Malay MailKUALA LUMPUR, June 4 — Deputy Domestic Trade and Consumer Affairs Minister Datuk Rosol Wahid said although alcohol factories and liquor shops have been ordered to cease operations, the selling of alcoholic beverages are allowed in premises that have liquor selling license. He said that premises...

Resign je la zafrul, ang bukan wakil rakyat pun so hg xtau rakyat susah mcm mana Orang yg tak pernah susah...takkan faham dan tak mahu belajar utk faham! Just because you shouldn’t do it, doesn’t mean you can’t. You not doing what you suppose to do for rakyat. Owh, I forget. tzafrul_aziz not wakil rakyat.

Truly just a banker which was never for the rakyat!! It’s simple. When debtors aren’t able to pay, they go bust. No income. Ppl can go bust but bank wld loose money. Unless bankers have set aside huge fund for bad debts, they wld consider a moratorium rather than accepting bad debts. Because you can la you should. Tak guna la ada kuasa macam tu. What a waste of taxpayer's money la kalau menteri bangang macam ni

Biar rakyat bankrap asalkan bank untung billion2 Is this chap still working for the bank or is he working for the people? KerajaanGagal anak anjirrr apa kena mengena. kami tak suruh kerajaan bayarkan ansuran pinjaman kami la tzafrul_aziz. kami nak bank tangguhkan pembayaran bulanan kami. kerajaan kan sekarang ada kuasa darurat. MuhyiddinYassin boleh buat apa sahaja yang dia suka. kuasa tiada had.

Betul. But why choose the be the villain when you can be a hero?

Malaysia Airlines scales down operations amid MCO 3.0, to continue facilitating essential travel | Malay MailKUALA LUMPUR, June 4 — Malaysia Airlines Bhd will operate limited service with 85 per cent reduction across its network during the movement control order (MCO) 3.0 but will continue to facilitate essential domestic and international travels as well as cargo movement. Malaysia Aviation Group... Hang in there, guys Malaysian Airlines. I still want to see myself flying with you guys!!!

Motherfucker, rich coming from you tengku sotong Just because u are annoying, doesn’t mean u can continue menyusahkan rakyat NumanAfifi Syarat wajib nak jadi menteri ni kena bangang ke macam mana? Malas nak baca. Mmg menteri kewangan keluar statement mcm bangang ni ke? Ni seekor lagi menteri bangsat! Arrogant! ‘Just because we can, doesn’t mean we should’

Just because I haven't spit on your face, doesn't mean I won't. Mfaker...then don't simply release statement la

COMMENT | MCO 3.0: 10 key tax questions answeredIn light of the MCO 3.0, the Inland Revenue Board has announced administrative concessions to taxpayers. De Paula kau dengar sini aku taknak tengok kau dekati skuad harimau dah lepas ni kau faham?!!

Or Meaning, you won't Majulah Malaysia kan. “Just because we can, boss say cannot lah” “Boss” wants you guys to rot If should not now, then when? Kerajaan tebuk atap oso not wrong but did you guys have to? 🤡🤡🤡 Just because we can vote you, does nt mean we should. Yang penting ready balik kpg lah lepas election nanti. Kalau masuk bertanding. Pening aku.

da mcm zionist! tzafrul_aziz YB, not sure if you’re absolutely right about 80% of Malaysians can afford with repayment. Hope this % doesn’t include companies... many are suffering... don’t wait till situation gets worse... let’s look at proactive measure. When it is about helping others, you should if you can. Don't anybody ever teach you that?

Don't be selective with emergency powers, Guan Eng tells govtFormer finance minister says prime minister has the legal power to compel banks to agree to provide a loan moratorium. FMTNews LimGuanEng PrimeMinister Emergency Moratorium should have given us more when you were in the MOF guanenglim. instead you say govt no money all the time Lim guan eng Jgn lupa undersea terowong ye. Holier than thou selalu

Pintu belakang ass.. With regards to Parliament... _We can but we won't_ You don't feel the pain of Rakyat so you will talk like this. KerajaanGagal KerajaanBodoh Sebelum ni dia kata, “TIADA KUASA”. Sekarang macam ni pula. 😇 Wwwhhhhhaaaaaattttt!!!!!!! Why u shouldn’t? Melingkup aje la elok finance minister ni

You should have taken sport ministry not MOF. Jawab bagi pihak bank sokmo Banks were bailed using tax payers money the finance minister is he for the people or against the people MuhyiddinYassin chedetofficial anwaribrahim NajibRazak Bila Menteri asal bukan Dari Wakil Rakyat Bercakap....Nice.... Peduli apa aku...aku bukan bertanding dlm PRU pun jadi gak Menteri.....🤭🤭

Bahkan u TIDAK PERNAH dapat potong gaji satu sen pun sejak MCO 2020. Sekarang marah kita rakyat! Sedangkan bank bagi moratorium dapat kompensation dari kerajaan, kita pulak kena bayar faedah win-win. Kita rakyat loose loose. Typical kacang lupa kulit mentaliti...entahlah orang dah kaya raya...dia dah lupa ada orang tak kaya tak miskin yang tak mampu tahan lagi...

isaura_ismail u see.. statement mengundang.. Terima kasih yb Maybe a week before PRU then banks will give those MORA BankerJagaBanker Lied last year in parliament when he said banks are not able to grant moratorium and lied again this year when he said cannot be done 🤮 Dia ingat semua makan gaji 5/6 angka macam dia. Rakyat semakin susah dibawah kerajaan yg incompetent. KerajaanGagal


Sebab tu la menteri2 bangang ni xfikir untuk rakyat...kalau xbuleh songlap duit buat apa nk bagi..cakap je terus terang...rakyat faham... abih tak koje...camne nak bayo .. Such a careless callous words coming from unelected educated sophisticated ex banker What did he try to tell people? “you jaga sendiri ye”

U are for bankers first, rakyat last Just bcos u can does mean u must..bcos this is a state of emergency. The more reason u MUST do not just shud To the banks: Are we all in this together? Of coz banks will ‘help’ with our loans - they just add up more interest. U wanna bankrupt more rakyat? This senator just built a force field around banks.... BankerJagaBanker

Because you can't be a competent minister, you shouldn't be one. BankerJagaBanker Mister minister, so why shouldn't we? To the banks, are we all in this together? Or is it only the people sinking while you're there watching and enjoying your profits like there's nothing wrong?

Menteri kewangan paling bodoh msia pernah ada bila keluarkan kenyataan mcm ni yang mana langsung taknak menjaga kepentingan rakyat sebaliknya kepentingan bank2. Babi bekap bank... gi mampus lah ko zafrul... BankerJagaBanker palat Boleh guna ayat ni masa mereka nak raih undi kita pulak nanti. Total BS mansuhkanjawatanmenterikewangan

Just because we can 150k laptops, doesnt mean...fill in the blanks kejap tak boleh kejap boleh, kerajaan apa la yanh kita ada ni. So tired It just showed that he just realized he’s WRONG earlier 🤷🏻‍♀️🤷🏻‍♀️ 🤷🏻‍♀️🤣🤣🤣 Keywords ⏬ ‘Just because we can, doesn’t mean we should' Ex Banker speaks for bankers... Nice 😏 ‼

Arrogance Apa yang beria sangat jaga tokey2 bank ni anthraxxxx Inilah akibat bila yg berkuasa dilantik. Hnya perlu patuhi arahan yg melantik dia. Seteruk-teruk org politik, sekurang-kurangnya mereka terpaksa buat² utk menang hati pengundi. Blank guy meaning u can help… but should not lahhhh. bagus punya discretion 😤

Banker jaga Banker Ok so you wont. Full stop. ! Same logic as just because we can convene the parliament, doesn't mean we should. interest of banks over interest of rakyat?

Very well. Next GE I will not vote you, your other minister colleagues and your boss. Gee, thanks! This explains a lot about why the govt doesn't do things it should to help the people. Gagal gagal gagal. Farkwit Menteri kewangan tak blh pakai... Once banker , selamanya banker. Butoh Hg mmg teruk la . Its your responsibility as the fed gov with current covid condition laaa aiyo.

Sorry whatt? He said “Kita boleh je kalau nak bantu rakyat tapi kita tak mau” If that doesn’t make you angry with this KerajaanGagal I don’t know what will Ni menteri mewakili rakyat ke atau menteri mewakili bank? Rakyat susah ,fikirlah cara nak bantu bukannya sekadar bagi alasan!! KerajaaanGagal ini wakil bank.. bukan wakil rakyat.. ingat semua ya kerajaan yang ada sekarang bukan kerajaan rakyat!

I’m lost... so u want to see those middle income people and lower income ppl suffer? Meanwhile the T20s prosper? Cool FM la u.. You menang parlimen mana? Sembang bolehlah Haha lemahnya takleh control bank. Baik jadi aku je 😭✋ Kenapa takda yg buat petisyen bg bangang ni letak jawatan...? Mmg patut la ramai org nk kencing atas kubur ko, sombong nakharam!

The rich only care about the rich. They don’t give a damn about the poor. Yang kaya bertambah kaya, yang miskin papa kedana. U r not a good human being. U can be. U should be. But u choose not to be. U r not a good human being. By that logic just because you 74 ministers can become the unelected government doesnt mean the Rakyat should listen to your nonsense KerajaanGagal

Oh sekarang boleh pulak Who does he work for, the people or the banks?

“”Khidmat utk rakyat” dikatakan KerajaaanGagal Dia blh lah makan turkey pada thanks giving day ala2 mat salleh...rakyat nk makan 3 kali sehari pun susah tau..dia org ni mana kisah pasal rakyat.. My reaction: Oh my kadavule, is this the consequences of having an unelected person to run the office? BTW where is the PM To advice him to think for the people? I'm not questioning just asking for my neighbours, please don't arrest me for this! Period.

This tells all the RAKYAT that you have the power to vote them out BECAUSE YOU CAN AND YOU MUST! Oh so can lah? I tot hari tu kata x boleh. Pening lah bro Ini namanya otak kimak F$ you la..the worst we ever had...belajar tinggi2 tapi angkat juga teloq org KerajaanGagal

wow such a prick hahahaha banker boy jaga bank in actions! Tengku Zafrul after taking off the makeup just because u mampu, bukan bermaksud org lain pun mampu. So boleh pulak? “Repeating the blanket moratorium also means that the government may need to significantly compensate banks for a measure that was not even necessary in the first place.” Wait- when did compensation arise? How much was compensated? So banks still profited and got compensated?

This is another reason why an ex banker should never be elected as finance minister of any countries! Spin spin spin.... Where are the laptops? We need to get rid of backdoor traitors/ministers.

Diamlah hodoh! Earlier you said the government has no power to control the bank now it seems yes the government can after all. Taik kucing banker turns politician wakakaka! Org dh senang... 🤷🏾‍♂️ jangan simpan duit dlm bank. simpan dlm saham dan crypto-currency. kbye. bankerjagabanker... You know, this statement “just because we can, doesn’t mean we should” is applicable to so many things done by the govt. Yet it didn’t exactly stop them now, did it?

Before this said cannot, now says can but doesn’t want, guess what will he says tomorrow?