Friday July 10, 2020

Borrowers hit by Covid-19 to be given repayment break

Court proceedings against defaulters will also be deferred for three months under joint action by five main retail banks

18th March, 2020
Paschal Donohoe: Citizens on full pay should “do their part by paying their bills, taxes, and loans on time, so as the maximum amounts of supports are available to our fellow citizens who are most in need”. Picture: Rollingnews.ie

Ireland’s five main retail banks have set out a relief plan for businesses and homeowners hit by the economic fallout from Covid-19.

Acting jointly, AIB, Bank of Ireland, KBC, Permanent TSB and Ulster Bank agreed to implement payment breaks of up to three months for business and personal customers affected.

The banks have also had discussions with non-bank lenders such as “vulture funds” and with credit servicing firms such as Pepper regarding relief...

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