Irish Banking Culture Board welcomes agreement from banks on COVID-19 measures

covid-19

DUBLIN, March 18 2020 –The Irish Banking Culture Board recognises the need for national solidarity at this critical time. In that context, the IBCB welcomes today’s joint plan from our five member banks and the Banking and Payments Federation Ireland (BPFI) to support businesses and personal customers impacted by the COVID-19 pandemic.

The IBCB acknowledges the role banks can and must play in helping those people and businesses to cope with the profound financial challenges they now face following the escalation of the COVID-19 crisis. In introducing these measures today, our member banks are demonstrating that they recognise their responsibilities as financial pillars in our society with a critical role to play in the present and future of the Irish economy.

The first step in that process is to support the people most in need today and to make a real difference to their real lives. These measures, if fully followed through, can help to achieve that objective. The IBCB notes the important role of other industry stakeholders, in particular the regulator, in ensuring that the measures announced today can be fully implemented.

We encourage any customers experiencing difficulties to contact their bank to discuss their situation and ensure that they are fully informed of all terms before entering into any arrangements.

The IBCB acknowledge the strong efforts being made by bank staff across the country to support customers in branches, online and in call centres at this time.

We welcome the banks’ commitment to monitoring developments and to ensuring that the banking industry is ready to respond promptly and with agility in the period to come.