Bank of Ireland and Ulster Bank are offering payment deferrals on mortgages and loans to customers in difficulty because of the coronavirus outbreak.

The banks are also offering supports to businesses impacted by the outbreak.

Personal

The payment breaks on loans will be offered to customers of both banks on a case-by-case basis and will last up to three months.

Gavin Kelly, CEO of the bank’s retail division said: “We are committed to providing support to customers across the island of Ireland.”

“We will be making extra resources available during this period of uncertainty and I would encourage any customers with concerns to contact us.”

In addition to the payment breaks, Ulster Bank will allow customers early access to fixed-term savings accounts.

The bank is also offering customers the option to increase overdraft and credit card limits and is increasing its cash withdrawal limit.

It is also waiving its cash advance fee for customers who wish to withdraw cash using a credit card.

Business banking

Bank of Ireland said it was providing its business customers with emergency working capital and payment flexibility on loans.

It will also help businesses to connect with new international suppliers by offering trade finance and deals on foreign currency products.

Ulster Bank said it was establishing a €500m Working Capital Support Fund to help SMEs “adapt to the rapidly evolving impacts of the coronavirus on the economy.”

It will use the funds to offer temporary emergency loans with no arrangements fees and to defer or realign payments on loans.

Businesses will also be offered short term overdrafts or increases to existing overdraft facilities.

"Uncertainty"

Ulster Bank CEO Jane Howard said the fund would benefit businesses most exposed to the uncertainty caused by the virus.

“Ulster Bank is committed to providing all of our customers with the support they need through this period of uncertainty,” she said.

“We want to help our SME customers manage and adapt to the evolving economic pressures and this €500m Working Capital Support fund, along with our sectoral expertise, will help businesses navigate short term disruption.”

Customers who are experiencing difficulties due to the outbreak should contact their bank directly.