Irish banks are in line to profit handsomely from Covid-19 mortgage breaks, according to the Irish Mirror.
Banks will likely reap profits to the tune of €200m in the long run, because they made sure that interest still accrues on payments due during the break.
The brief interruption in payments means that mortgage will be repaid over a longer term, which in turn means more interest.
Mortgage interest in Ireland is already set at almost twice the European average, which boosts the banks’ profits even more.
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