Covid-19: Overview of Bank Supports Available
Ireland’s five main retail banks have committed to new measures aimed at helping companies and individuals whose business and personal circumstances have been impacted by the coronavirus pandemic. The Chief Executives of AIB, Bank of Ireland, Permanent tsb, and Ulster Bank collectively announced the following.
- Implement a payment break up to three months for business and personal customers affected by Covid-19, to be followed by ongoing reviews depending on the scale and extent of the situation. Customers wishing to avail of a payment break should contact their respective bank.
- The banks agree there is a need for a simplified application process to make it as easy as possible for businesses and personal customers impacted by Covid-19 to receive support from their banks. We are working with all member banks to achieve this.
- The banks want to ensure that any Covid-19 application for a payment break and further reviews will not adversely impact the customer’s credit record, and the banks reporting of these facilities. Banks want to avoid this and are meeting with the Central Bank of Ireland to urgently achieve a solution in this regard.
- Banks will defer court proceedings for three months.
- The banking system stands ready to provide working capital support.
- The banks have had initial discussions with Credit Servicing Firms and with those non-bank lenders who provide mortgages. Both the Credit Servicing Firms and non-bank lenders have issues which we need to address with the Central Bank of Ireland, but both are committed to working with the Government and industry to provide the flexibility that people need right now.
AIB and Bank of Ireland have also waived contactless fees for the duration of the Covid-19 crisis.