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Longer payment break for loans and mortgages ‘close to being announced’

The first three-month repayment holiday was announced in March to help borrowers affected by the Covid-19 pandemic.

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(Niall Carson/PA)

(Niall Carson/PA)

(Niall Carson/PA)

A further three-month payment break for loans and mortgages is close to being announced, Ireland’s banking federation has said.

The first three-month repayment holiday was announced in March to help borrowers affected by the Covid-19 pandemic.

Ali Ugur, chief economist with Banking and Payments Federation Ireland (BPFI), told RTE radio there has been progress towards widening the payment break, adding: “They are very close to it.

“We have done a significant amount of work by introducing the first payment break in a way for mortgage holders and SME customers.

“We recognise it has been an ongoing issue for a lot of people.”

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Chief medical officer Tony Holohan (Leon Farrell/Photocall Ireland/PA)

Chief medical officer Tony Holohan (Leon Farrell/Photocall Ireland/PA)

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Chief medical officer Tony Holohan (Leon Farrell/Photocall Ireland/PA)

With more than a million people receiving some form of state income support, applications for the scheme are expected to increase.

“We recognise that it’s an ongoing issue for a lot of people and I can say there’s been significant progress achieved.”

On Wednesday night, chief medical officer Tony Holohan gave his strongest indication yet that Covid-19 restrictions will not be lifted next week.

The National Public Health Emergency Team (NPHET) is due to issue advice on restrictions to Government on Friday.

Taoiseach Leo Varadkar said there are still too many patients in intensive care to ease restrictions and the numbers of deaths and new cases remain too high.

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