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BPFI and retail banks engaging with Department of Finance to facilitate State-sponsored unemployment refund scheme

16th March 2020

Banking & Payments Federation Ireland (BPFI) has announced this evening that it is engaging in discussions with the Department of Finance on behalf of the five retail banks, Allied Irish Banks plc, Bank of Ireland, KBC, PermanentTSB and Ulster Bank, with a view to facilitating a State sponsored short-term unemployment refund scheme.

BPFI’s CEO Brian Hayes said “The aim of this scheme is to get a social welfare payment, through the banking system, to people who have lost their job or have their hours of work reduced due to the Covid-19 crisis.  Banks stand ready to facilitate these payments under this scheme as quickly as possible.”

“Our engagement as a sector has been constructive and the banking industry is giving this matter the highest possible priority. Further engagement with the Department of Finance is planned and further details will be provided as soon as possible. Everything possible must be done to help people with these emergency payments.”

 

Notes: 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 some 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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