Banking

Labour’s Nash calls for grace on missed payments during bank switchovers

The Labour Party’s finance spokesman says anomalies should not be reported to CCR for ‘three or four months’, to give leeway for errors and delays

Ged Nash, Labour Party finance spokesman: ‘The capacity for mistakes to be made here is enormous.’ Picture: Fergal Phillips

Bank customers should be given several months' grace on any payments that are missed as a result of having to change lenders over the coming months, a Labour TD has said.

Ged Nash, the party’s finance spokesman, said he was very concerned about the potential for customers to miss payments on mortgages or other loans as they move from Ulster Bank or KBC Bank Ireland to alternative lenders due to their existing banks pulling out ...