Bank of Ireland unveils coronavirus supports

Bank provides for emergency working capital and payment flexibility on loan facilities

Bank of Ireland will be making proactive contact with businesses that may be impacted by the virus.

Bank of Ireland will be making proactive contact with businesses that may be impacted by the virus.

 

Bank of Ireland has announced a range of supports for businesses impacted by the outbreak of the coronavirus, including emergency working capital and payment flexibility on loans.

The impact of Covid-19 is being felt in many ways across different business sectors.

This includes weaker trading as a result of a reduction in business and tourist travel, supply chain interruption due to the knock on impacts of a slowdown of production in China, and reduced orders from international customers.

Bank of Ireland said the impacts are leading to a number of financial needs for its business customers as it announced a number of supports for businesses affected by coronavirus.

These include the provision of emergency working capital, payment flexibility on loan facilities, and the provision of trade finance and foreign currency products to support sourcing products from new suppliers internationally.

The bank will also be making proactive contact with businesses that may be impacted by the virus. It said that due to the fast-moving nature of the ongoing issue it will prioritise loan decisions for impacted businesses, and will also review the supports required for all of its customers.

Customers who are concerned about the impact of coronavirus on their business are encouraged to make contact with their business relationship manager or ring 0818 200 348.

Bank of Ireland sectoral experts in agriculture, manufacturing, hospitality, health, food and beverage and retail convenience are also available to support customers.

Retail uncertainty

“We will be making extra resources available during this period of uncertainty, and I would encourage any business owner with concerns on how to deal with the impact of the coronavirus to contact us,” said Gavin Kelly, chief executive of Retail Ireland.

“We will work with them to identify what supports they need, including options such as emergency working capital and payment flexibility.”

State officials are also looking at financial supports for companies affected by the coronavirus outbreak, the top civil servant at the Department of Business, Enterprise and Innovation has said.

Orlaigh Quinn, secretary general of the Department of Business, said the aim of State supports would be “to try to get companies through a period where they are under severe pressure and perhaps their funding isn’t in place”.

Dr Quinn’s comments on Thursday coincided with a call from business group Ibec for the introduction of a special emergency welfare payment to support employees impacted by the coronavirus.