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Banking industry will continue to deliver a range of solutions to meet customers’ individual circumstances throughout level 5 lockdown and beyond

20th October 2020

Banking & Payments Federation Ireland, the representative body for the banking industry in Ireland, said today that its members have been with their customers throughout the Covid-19 pandemic and will remain with them to the end of this pandemic. Members recognise the financial challenges that moving to Level 5 poses for many people and will be giving their full support to customers over the next six weeks and beyond.

Our focus as an industry is to help impacted Covid-19 customers. We will continue to deliver a range of solutions to meet customers’ individual circumstances. In line with European Banking Authority (EBA) guidelines, in excess of 150,000 payment breaks have been delivered by the industry since March of this year.

BPFI Chief Executive, Brian Hayes, said today: “Some 2,500 staff in financial support units across the five retail banks are actively working with mortgage customers and SMEs facing financial challenges to fully understand their situation and to put in place an individual solution for them. We understand that this is a hugely stressful time for many customers and that payment breaks may be part of the overall customer solution.”

Mr. Hayes said: “A wide range of solutions are being made available by lenders at this time and are being worked through with borrowers. We already have established structures in place for those customers who find themselves struggling to meet repayments. Lenders are using these established processes and are acutely focused on engagement, assessment, and solutions.”

Mr Hayes said lenders have committed substantial staff resources to support customers at this time of enormous stress and uncertainty. “We are encouraging customers whose income and financial situation has been impacted, to talk to their lender who are there to help and support at this very difficult time.”

 

Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland.  Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Contact: Jillian Heffernan, Head of Communications, 087 9016880 or jillian.heffernan@bpfi.ie

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