Coronavirus: Country’s banks working together on a co-ordinated plan13th March 2020
Banking and Payments Federation Ireland (BPFI) Chief Executive, Brian Hayes, said today that the country’s banks have been working together on a co-ordinated response plan to best ensure the continuity of banking and payment services across the country. Mr. Hayes said: “This will help to ensure an array of practical supports and measures are in place across the financial system so as to support individuals and businesses most affected by the escalating Covid-19 situation.”
“Several cross-sector Co-ordination Groups, chaired by BPFI, have been established and are working on a daily basis to ensure contingency plans and measures are in place given the pace and scale of the challenge”, said the BPFI CEO.
“Chief Operating Officers and Payments teams across the sector are working together on all aspects of core payment services and continuity planning. This work aims to mitigate possible disruption to payment services including electronic payments such as credit transfers and direct debits, cash, cheques and card payments. Significant progress has been made and a robust response plan has been put in place”, he added.
Mr. Hayes said that senior representatives from the banks are regularly meeting to focus on the changing economic impact on personal customers and businesses generally and the priority issues that are arising. “Banks have moved rapidly this week to ensure a wide range of credit, cash flow and supply chain supports are offered to businesses who are trying to manage the pressures arising from Covid-19, while a suite of measures and arrangements for personal customers facing financial challenges have also been made available”, he said.
The BPFI CEO advised bank customers experiencing difficulties to contact their bank: “The industry is here to help the entire country to get through this unprecedented situation, that’s why customer bank engagement is so crucial”.
For further information please contact:
Olivia Buckley, Director Public Affairs, BPFI, One Molesworth Street, Dublin 2.
Tel: + 353 87 6298113/ + 353 1 6715311