Banks play the good and bad cop; relief for indebted builder; and little of it for markets

Irish banks say they will offer relief, including short payment holidays on mortgage payments, to customers who find themselves in financial distress as a result of the fast-spreading coronavirus, writes Joe Brennan.

But it's not all good news. Ciara O'Brien reports that AIB is set to start charging for tap and go transactions from the end of May as well as ending free banking for many of its customers.

One man doing well out of financial services, however, is former Meath builder Eugene O'Connor. A Personal Insolvency Arrangement approved by the High Court will see €1.6 million of his €2.3 million debt wiped out. The 63-year-old has also been given a 30-year interest only mortgage at a tracker rate of 0.8 per cent. Simon Carswell has the details.

Markets suffered another volatile day. While New York rallied sharply towards the end of its trading day to close up 5 per cent, Irish and European shares gave up earlier gains as they slid in late trading amid ongoing worries about coronavirus. Joe Brennan has the details.

Coronavirus: Irish banks offer relief to borrowers hit by coronavirus

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AIB customers face more charges as bank targets ‘tap and pay’

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Coronavirus: Open Orphan to restart vaccine efforts

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Up to 150 KPMG staff in Cork work from home over coronavirus fears

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The virus is proving toxic for airlines but Colin Gleeson reports that the EU moved yesterday to ease some of the the pressure by moving to suspend the "use it or lose it" rule whereby airlines must operate at least 80 per cent of their allocated airport slots or lose their right to them.

At home, as Colin also reports, the Government unveiled a €400 million package of financial supports for businesses battling to survive the fallout from the virus' spread.

Covid-19 is also likely to feature prominently in the thinking of UK chancellor of the exchequer Rishi Sunak as he prepares to deliver his first budget today as relations between the newly-elected Conservative government and British business sours.

In commercial property, Ronald Quinlan reports that residential care home operator, Aperee, has made made its first two investments in the Irish market, with the acquisition of nursing homes in Cork and Kerry.

He also writes the property company Iput is looking for €55 a square foot in rent for its new office block at No 3 Dublin Landings, which is located next to the headquarters of the Central Bank and the National Treasury Management Agency

And just over 18 months after acquiring the Dublin city centre headquarters of Independent News & Media (INM), Joe O'Reilly's Chartered Land is looking to sell the property for a significant profit.

Finally, businessman Denis O'Brien, who is personally tax resident in Malta, told a college publication that Irish policymakers should prevent the State being used as a "bed and breakfast" location by corporate tax avoiders who "take advantage" of the Irish system.

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