The Minister for Finance Paschal Donohoe has confirmed that banks will offer a 3 month payment break to those affected by the Coronavirus.
The decision comes following a meeting on Wednesday.
It is understood break will apply to personal and business owners who are unable to work or trade due to the outbreak.
Under the new guidelines those affected will be able to suspend their repayments and will be able to do so through an easy application through their respective bank.
Speaking about the decision the Minister for Finance said that he is currently in talks with the country’s five major banking institutions to ensure that the correct measures are put in place.
Meanwhile Bank of Ireland, AIB, Ulster Bank, Permanent TSB and KBC will collaborate to ensure critical functions continue to operate.
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