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Taoiseach Leo Varadkar has emphasized the important role of the banking sector in supporting the gradual reopening of the economy during a meeting with the CEOs of the top five Irish banks.
Varadkar told the heads of AIB, the Bank of Ireland, Ulster Bank, the permanent TSB and KBC that they needed to guarantee a flow of credit to companies when they start trading again.
The Taoiseach also welcomed the banks’ continued efforts to assist borrowers, including through the use of payment breaks, the availability of which has been extended from three to six months.
Taoiseach also recognized and praised the efforts of retail banks to remain open during the crisis and the work of bank staff.
Both the banks and the government also jointly acknowledged the challenge faced by many companies in a statement released after the meeting.
The Minister for Finance and Public Expenditures, Paschal Donohoe, and the Minister for Business, Enterprise and Innovation, Heather Humphreys, also attended the meeting.
“Banks will play a key role in assisting SMEs during the economic recovery period and will continue to work closely with the An Taoiseach Department, the Finance Department and the Business, Enterprise and Innovation Department to provide that support, especially on the key liquidity issue, “said Executive Director of the Irish Banking and Payments Federation, Brian Hayes, who was also present.
“Our collective efforts are focused on ensuring that Irish SMEs and their employees have the support they need and are able to trade and rebuild their businesses as the Irish and global economies re-open in the coming months.”
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