DUBLIN: Negotiations are underway today to extend the deadline for loan repayments, including mortgages imposed by the Irish government following COVID-19. Finance Minister Paschal Donohoe will hold talks with the CEOs of the country’s leading retail banks today.
The payment break period previously announced by the government expires at the end of this month. According to the indications available now, the mortgage payment break may be extended for at least the next three months.
Central Bank Governor Gabriel Makhlouf has said that banks have not been barred from making further concessions to those who default on their loans due to the COVID crisis.
Those who have defaulted on their loans due to the COVID crisis should contact the lenders and express their grievances, Makhlouf said at the event presented by RTE.
Lenders need to understand the situation of the individuals and support them.
‘Banks are not barred from allowing loan repayment breaks. Instead of extending the term widely in the society, the term should be extended according to the needs of the individuals. The borrower and the lender must come to an agreement on this’- Makhlouf said.
Those who are struggling to repay their loans due to the COVID crisis should share their problems and difficulties with banks or customers. Only then will they be able to support you or make a positive decision.
He added that the country’s economy was in a state of crisis following the COVID crisis.