Panyi highlighted the importance of a cohesive understanding of the rules for the 3pc fixed-rate programme to ensure its smooth rollout on September 1.

He added that the government and banking sector experts had clarified a number of issues related to the scheme at intensive talks in recent weeks, while guidelines for communicating those rules had been drafted.

Panyi said government agencies would offer the full range of support to accelerate the application process and disbursements.