Background information

A well functioning banking system is key when it comes to bringing the economy back on track in the context of the COVID-19 crisis. In Ireland, the Minister for Finance Paschal Donohoe therefore agreed with large banks in the country on a range of measures to be introduced. These include a payment break of up to 3 months, deferment of court proceedings and the provision of working capital with the aim that critical functions of the economy continue to operate.

Content of measure

The measures being introduced by the five main banks (AIB, Bank of Ireland, KBC, Permanent tsb and Ulster Bank) are as follows:

1. Implement a payment break: Businesses and personal customers affected by COVID-19 will receive a payment break of up to 3 months. After the 3 month period, periodic checks will be in place to see if the breaks need to be extended.
2. Simplified application process: Applications to bank products such as loans are to be simplified with the aim to reduce direct human contact whenever possible.
3. No adverse affects on customer's credit record: Applications for a COVID-19 payment break are not supposed to negatively affect the credit rating of an individual or business.
4. Banks will defer court proceedings for three months.

Use of measure

Currently no information available.

Contents

• Other topics

Target groups

Workers	Businesses	Citizens
Does not apply to workers	Does not apply to businesses	Applies to all citizens

Actors and funding

Actors	Funding
National government Company / Companies	Companies

Social partners

Social partners' role in designing the measure and form of involvement:

	Trade unions	Employers' organisations
Role	No involvement as case not in social partner domain	No involvement as case not in social partner domain
Form	Not applicable	Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

• No involvement
• Main level of involvement: Unknown

Involvement

N/A

Views and reactions

Social partners are not involved in this measure.

Sources

• 18 March 2020: Banks announce measures for customers and businesses impacted by Covid-19 (www.rte.ie)