On 10 October 2016, Luxembourg’s Minister of Family and Integration, Corinne Cahen, and Vice-President of the Luxembourg Association for Banks and Bankers (ABBL), Carlo Thill, signed a declaration of intent on a plan to suspend property loan repayments during parental leave.

The declaration of intent is a voluntary accompanying measure for banks which forms part of the parental leave reform which allows parents to better combine work and family life. The reform also facilitates the implementation of parental leave provisions for parents who have taken out property loans (mortgages).

Banks can also propose the suspension of property loan repayments during the period of parental leave, provided that it entails a property loan for personal dwellings. The requirements for this and the practical methods involved are fixed by individual banks according to the customer’s particular situation.

Photo by MFAM (L-R): Carlo Thill, Vice President of ABBL; Corinne Cahen, Minister of the Family and Integration