“Covid-19 is raising issues for both the business banking customer or individuals repaying a mortgage or other loan. Lenders say they are adopting a relatively flexible approach to the crisis although there is no uniformity in the approach adopted by the State’s main banks.
And what you can expect varies greatly depending on your status. Banks have made great play of repayment holiday options, but it appears this will be available only for mortgage customers. And for that group, it has been an option for stressed borrowers even before the coronavirus crisis.
Commercial customers who have approached banks on the subject of freezing loan payments reports that they have been told any such move would affect their future credit rating.
So what are the banks offering? Here’s a useful article from The Irish Times on what banks are offering.