Banks Set Out Joint Plan to Support Businesses and Personal Customers Impacted by the Covid-19 Pandemic
Thu Mar 19 2020
The CEOs of Ireland’s five retail banks (AIB, Bank of Ireland, KBC, Permanent tsb and Ulster Bank), along with their representative body Banking & Payments Federation Ireland (BPFI), met with the Minister for Finance Paschal Donohoe. They set out a joint-plan to support the thousands of businesses and employees across Ireland impacted by the Covid-19 pandemic.
The banks are also working collaboratively to ensure that continuity of service plans are in place, that critical functions can continue, and that staff remain available to continue to service customers at this time.
The measures are as follows:
1. 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.
2. 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.
3. 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.
4. Banks will also defer court proceedings for three months.
5. The banking system stands ready to provide working capital support.
6. There has been an 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 need to be addressed with the Central Bank of Ireland.