Over 65,000 mortgage payment breaks and over 22,000 SME payment breaks have been granted since March.
Banks and other lenders have confirmed a three month extension to the current payment breaks for customers directly affected by the Covid-19 outbreak.
The Banking & Payments Federation Ireland (BPFI) members including AIB, Bank of Ireland, Ulster Bank, Permanent TSB and KBC Bank Ireland, together with non-bank lenders and specialist lenders, and credit servicing firms, announced the news on Thursday.
The BPFI said in light of the prolonged and deepening crisis, the extension would allow impacted personal and business customers to have a payment break of six months in total.
“Today’s confirmation of an extension of the payment break for those customers directly impacted by Covid-19, is an important signal to those most affected, be they mortgage holders, those with personal loans or SMEs," BPFI Chief Executive, Brian Hayes, said.
Hayes also said the public health measures introduced by the government were extended since the initial payments breaks were announced, and may need to remain in place for a while.
"These measures may need to remain in operation for some time or may only be lifted gradually with an unknown impact on the economy going forward," he said.
"BPFI members strongly appreciate the severity of the impact on families, individuals and businesses and it is for this reason, that we believe an extension of the existing payment break beyond three months may be required by many customers”, he added.
Over 65,000 mortgage payment breaks and over 22,000 SME payment breaks have been granted since the industry-wide payment breaks were announced in mid-March.
