Banking and Payments Federation Ireland (BPFI) and its members today said the industry would continue to use a case by case approach to support those customers adversely impacted by the Coronavirus pandemic, and that, as has always been the case, standard payment breaks[1] would continue to be part of the wide range of solutions offered to customers, as suited to their needs.
Responding to the EBA’s announcement today, Brian Hayes said: “Customer requests for support has fallen to extremely low levels in Ireland and the vast majority of customers have exited payment breaks and are back on full repayments. The situation is not what it was earlier in the year. However, the industry will keep all of the issues under review should there be a serious change in the environment.”
“We very much appreciate that some customers continue to experience difficulties. Our priority now is to work with those customers on tailored solutions, following an assessment of their specific circumstances and challenges”, said the BPFI CEO.
Mr. Hayes said: “Those customers most severely impacted by Covid-19 are being treated as a priority across lenders with a continued focus on engagement and assessment, so that their circumstances are fully understood, and an individual solution can be put in place for them.”
Mr. Hayes continued: “While the blanket payment break approach is no longer in place, traditional payment breaks/moratoria that have always been available to customers through MARP/CCMA regulation will continue to form part of the range of solutions available to customers. The previous industry-wide Covid-19 Payment Breaks were not reported on the Central Credit Register as ‘missed or past-due’, however individual solutions that now involve a further payment break or any alternative repayment arrangements are legally required to be recorded on the Central Credit Register.”
“These solutions will be assessed on a case by case basis and with all of the information on the table, an approach that will help lenders to find the best solution for the customer.”
“As is always the case, we strongly encourage that any customer in difficulty would talk to their lender as soon as possible so that lenders and customers can work together to find the right solution.”
For further information please contact: Olivia Buckley, Public Affairs Director at 087-6298113 or olivia.buckley@bpfi.ie
[1] Standard payment breaks are ‘business as usual’ payment breaks offered to customers and are different to the Covid-19 payment breaks. The previous industry-wide Covid-19 Payment Breaks were not reported on the Central Credit Register as ‘missed or past-due’, however individual solutions that now involve a further payment break or any alternative repayment arrangements are legally required to be recorded on the Central Credit Register. Please see the BPFI Guide on the CCR for further information.
