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A Taoiseach, Leo Varadkar met today with the chief executives of the top five Irish retail banks.
He met with the CEOs of AIB, the Bank of Ireland, the Ulster Bank, TSB and KBC, along with the Minister for Finance and Public Expenditure, Paschal Donohoe, and the Minister for Business, Enterprise and Innovation, Heather Humphreys.
The Taoiseach emphasized the important role of the banking sector in supporting the gradual reopening of the Irish economy by ensuring a flow of credit to companies as they begin to trade again, in line with the Government Roadmap to reopen society. and business.
The Taoiseach and the Ministers welcomed the continued work of the banks to assist commercial clients and mortgage clients affected by COVID-19. This includes three-month down payment breaks, allowing households and businesses to defer some of their most important expenses. They also welcomed the banks’ intention to extend these payment interruptions to six months for households and businesses that require it.
Commercial and mortgage customers will have the option to extend the term of their loan so that they do not face an increase in monthly payments when they resume payment. Crucially, it will not affect customers’ credit ratings or increase the burden of delinquent loans on banks.
Recognizing that the network of retail banks had remained open throughout the crisis, providing essential services, Taoiseach and the Ministers praised the work of front-line and back office staff at the banks for the role they have played in ensuring service to their clients. .
In conclusion, the government and banks jointly recognized the challenge that many companies face as the economy reopens. The Government welcomes the banks’ commitment to continue to play their role by working positively with their customers, in the most caring way possible, to ensure that recovery can take place as quickly as possible.
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