Ireland's five retail banks, specialist and non-bank lenders agreed on Thursday to extend loan repayment breaks for customers hit by the coronavirus crisis to six months from three months, their representative body said.

Over 65,000 mortgage breaks and over 22,000 business breaks have been granted to date, the Banking and Payments Federation Ireland (BPFI) said in a statement. Allied Irish Banks Chief Executive told Reuters on Wednesday that its applications for mortgage assistance had stabilised.

"BPFI members strongly appreciate the severity of the impact on families, individuals and businesses and it is for this reason, that we believe an extension of the existing payment break beyond three months may be required by many customers," the BPFI said in a statement. (Reuters)

Source: www.businessworld.ie