{"id":3788,"date":"2024-06-07T13:41:58","date_gmt":"2024-06-07T13:41:58","guid":{"rendered":"https:\/\/solution.bank\/new-default-rules\/"},"modified":"2024-07-26T14:32:00","modified_gmt":"2024-07-26T14:32:00","slug":"new-default-rules","status":"publish","type":"page","link":"https:\/\/solution.bank\/en\/new-default-rules\/","title":{"rendered":"New Default Rules"},"content":{"rendered":"[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” 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mobile_content_alignment=”inherit” link_target=”_self” text_content=”New European Rules for Defining Default” text_direction=”default”][\/split_line_heading][vc_column_text css=”” text_direction=”default”]January 2021<\/em>Starting January 1, 2021, Solution Bank applies the new European rules for classifying counterparties as defaulted on their obligations towards the bank (the so-called \u201cdefault\u201d), introduced by the European Banking Authority (EBA) and implemented at the national level by the Bank of Italy. The new regulation, known as the \u201cNew Definition of Default<\/strong>“, establishes stricter criteria and methods for default classification compared to those previously used, with the goal of harmonizing regulation across different EU countries. Understanding the new rules is crucial to avoid being classified as default, even for minor account overdrafts or small overdue payments.<\/strong> The new rules apply to both businesses and individuals with access to credit and require that the bank automatically classify the exposure as “default” in the event of overdue payments of principal<\/strong>, interest, or fees for a amounts exceeding both of the following thresholds for more than 90 consecutive days:<\/strong><\/p>\n