There has been calls to place a 6 month moratorium on mortgage and loan repayments as the country is ravaged by Covid-19.
Seanad Eireann Candidate Peter Finnegan is calling on the Government to enact emergency legislation requiring banks be lenient and flexible to those repaying mortgages and loans at this time.
The economy is expected to endure major cashflow and financial issues in the coming months. As the hospitality and tourism industry has already been notably impacted by the coronavirus and with cafes and restaurants are affected in major cities, business activity is expected to slow down in coming weeks.
Finnegan has stated that “When the economic crash happened, facilitated by the banking sector, we, the taxpayers, rescued the banks. This is the time for the banks to repay this debt" as he calls for this legislation to be enacted.
It is also suggested that landlords reduce their rent by up to 50% for the next six months with the promise of a tax exemption for a period of time thereafter.
These emergency measures would reduce financial fear amongst people who are out of work, provide support for the recuperation of business activity, keep cash dependent businesses and communities afloat and allow businesses to maintain staff numbers.