Daily Archives: March 18, 2020

Covid 19 Update – Mortgage Deferrals, 18 March 2020

Details just announced by Minister Paschal Donohoe following his meeting with the Banking industry, which will be of interest to many people who have been affected by Covid 19. Work and negotiations are still ongoing.
 
 
People affected should contact their bank immediately to discuss their personal situation in relation to the below.
 
 
Home owners  and Renters
 
-3 month payment break for mortgage holders impacted by the Covid-19 is to be put in place by all banks.
-Banks and the Minister are also to announce a deferral of repossession legal actions for three months.
-Landlords to also be given the opportunity for this 3 month payment break on their mortgages- this is to be passed onto tenants who have been affected by Covid 19
 
Small to Medium Business
 
-Loan guarantee scheme for small businesses fund of €50m.
- A deferral of up to 3 months on loan repayments
- Supports including extensions of credit lines, risk guarantees and trade finance
 
Further Measures
 
- Flexible arrangements on all loans for up to 3 months
-Contactless card payments to be raised to €50.
- Credit Unions have indicated that they will look favourably upon requests from members who seek assistance from their local branch.