Banking

Banks to offer zero-interest loans to mica households

AIB, Bank of Ireland and Permanent TSB propose providing up to 15 per cent of a homeowner’s mica grant upfront

Under the plan, homeowners could apply for interest-free grants from any lenders to pay labourers working to fix their mica-damaged houses. Picture: Clive Wasson

Ireland’s three main banks could pay out tens of millions in interest-free loans to mica homeowners under a new proposal to address the problem with the state’s €3 billion redress scheme.

The Business Post has learned that AIB, Bank of Ireland and Permanent TSB have submitted a proposal to the Department of Housing that contains an offer to provide zero-interest finance to the value of up to 15 per cent of a homeowner’s mica grant.