THE Banking and Payments Federation Ireland (BPFI) and its members 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 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, 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 added: “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.
“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.
“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.”