The five main Irish banks have agreed a three-month suspension of mortgage and business loan repayments for customers affected by COVID-19.
Following a meeting with Finance Minister Paschal Donohoe, the banks are working on a simplified application process to make it easier for customers to receive support.
They've also agreed that any COVID-19 applications for a payment break will not adversely impact on credit records and court proceedings will be deferred for three months.
The CEOs of AIB, Bank of Ireland, KBC, Permanent TSB and Ulster Bank - along with their representative body Banking & Payments Federation Ireland (BPFI) - met with Minister Donohoe today.
The banks are also working collaboratively to make sure that continuity of service plans are in place, that critical functions can continue, and that staff remain available to continue to service customers.
"The banking and payments sector is fully committed to working together and collaboratively to ensure provision of branch and payment services during this challenging period", BPFI said in a statement.
A payment break of up to three months for business and personal customers would be followed by ongoing reviews, depending on the scale and extent of the situation.
Those who wish to avail of a payment break should contact their bank.
