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Finance Minister is set to meet the CEOs of 5 banks at 4pm today

Written by Robert McHugh, on 18th Mar 2020. Posted in Financial

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The Irish Times reports that the Finance Minister is set to meet the CEOs of five banks at 4pm today, looking to be updated on what banks have been doing “to offer loan payment breaks for households and businesses affected by the crisis”. 

RTE News also indicates that the banks and the Banking and Payments Federation of Ireland (BPFI) have collaborated on the plan that “will include an initial three-month freeze on mortgage and business loans for those whose livelihoods have been impacted by the partial shutdown of the economy”, with the possibility to extent that period. 

However, RTE notes that the banks will need certain regulations relaxed so that customers are not considered to be defaulting on their loans and also want a simple application process to be approved. As such, RTE adds that the bank CEOs are set to meet officials in the Central Bank tomorrow.

According to Goodbody Stockbrokers, "Clearly the banks need to do their part in the weeks and months ahead, but the challenges faced include dealing with a likely surge in impairments, draw-down of liquidity and the sheer operational requirements of dealing with distressed and struggling customers."

Source: www.businessworld.ie 

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