Brendan Burgess
Founder
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Banks set out joint plan to support businesses and personal customers impacted by the Covid-19 pandemic
Wednesday 18th March 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), this afternoon met with the Minister for Finance, Paschal Donohoe TD, and set out a joint-plan to support the thousands of businesses and employees across Ireland impacted by the Covid-19 pandemic.
The five retail banks are introducing measures to help businesses and personal customers whose personal and business circumstances have been impacted by the Covid-19 crisis. 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 banking and payments sector is fully committed to working together and collaboratively to ensure provision of branch and payment services during this challenging period.
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. Customers wishing to avail of a payment break should contact their respective bank.
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. We are working with all member banks to achieve this.
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, 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.
4. Banks will also defer court proceedings for three months.
5. The banking system stands ready to provide working capital support.
6. We 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.