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Central Bank says pandemic-hit borrowers should get interim support

Written by Business World, on 21st Oct 2020. Posted in Financial

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Ireland's central bank expects lenders to adopt interim measures to support borrowers experiencing temporary income shocks as a result of tightened COVID-19 restrictions, governor Gabriel Makhlouf said on Wednesday.

"Our clear expectation is that lenders engage effectively and sympathetically with distressed borrowers to deliver appropriate and sustainable solutions and facilitate as many of them as possible to return to repaying their debt," Makhlouf told a parliamentary committee.

"In particular, in the current environment we expect lenders to adopt interim measures to support borrowers experiencing temporary income shocks when the financial position of the borrower is not yet assessed or where more permanent solutions are being determined." (Reuters)

Source: www.businessworld.ie

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