Irish banks are offering a 3 month moratorium to those affected by Covid-19 in order to alleviate financial pressure.
The five core banks in Ireland- AIB, Bank of Ireland, KBC, Permanent TSB and Ulster Bank, as well as the Banking and Payments Federation Ireland (BPFI) met today to discuss what financial measures could be introduced to the people of Ireland.
So far, over 150,000 people are out of work due to Covid-19, and 16,000 have applied for the Covid-19 Pandemic Unemployment Payment of €203.00 a week.
In a bid to help those who have lost their jobs and are under financial strain the five banks are implementing the following measures:
BPFI CEO Brian Hayes said that "these are exceptional circumstances in which people now find themselves and we believe they require exceptional measures. The banks are moving urgently to introduce measures that will best support businesses and personal customers impacted by the Covid-19 crisis. They will also require the full support of key stakeholders in order to make it happen”.
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
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