Factsheet for case IE-2020-12/823 – measures in Ireland
|Country||Ireland , applies nationwide|
|Time period||Temporary, started on 18 March 2020|
Supporting businesses to stay afloat
– Access to finance
|Author||Roisin Farelly (IRN Publishing) and Eurofound|
|Case created||06 May 2020 (updated 11 May 2020)|
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.
The measures being introduced by the five main banks (AIB, Bank of Ireland, KBC, Permanent tsb and Ulster Bank) are as follows:
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.
Simplified application process: Applications to bank products such as loans are to be simplified with the aim to reduce direct human contact whenever possible.
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.
Banks will defer court proceedings for three months.
Currently no information available.
|Does not apply to workers||Does not apply to businesses||Applies to all citizens|
Company / Companies
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:
Social partners are not involved in this measure.
Eurofound (2020), Banks introduce measures to cushion effects of COVID-19, case IE-2020-12/823 (measures in Ireland), COVID-19 EU PolicyWatch, Dublin, http://eurofound.link/covid19eupolicywatch
Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process. All information is preliminary and subject to change.