Banking with us during Covid-19

A payment break gives you a break from repaying your business loan. Under a payment break agreed with your lender, the loan repayment is postponed for an agreed period of time. Any repayments not made during this period will continue to be charged with interest and must be paid back in the future. What this means for your repayments is explained later in these FAQs.

Your monthly repayments are reduced during the arrangement. After the arrangement ends, there will be an increase in your monthly repayments due.  The reason for this is that, depending on the type of arrangement you availed of, there will be an amount of capital and/or accrued interest that you will have deferred the repayment of during the arrangement.  These deferred repayments will need to be repaid over the remaining term of your loan, and so your monthly repayments will be adjusted at the end of the arrangement to take this into account. Before your arrangement ends, we will contact you to let you know what the increased monthly repayment will be. Depending on your circumstances, we may be able to extend the term of the loan by the number of months of which you availed of the Covid-19 payment break. This will result in less of an increase in your revised scheduled repayment but it will mean that your loan term will be longer and it will involve additional cost. 
 
Please contact your Business Partner or the Business Support Team on 1800 804 414 to discuss further.

Yes.  Where you take a payment break (moratorium), you are deferring the payment of both interest and capital. Where you avail of an interest only arrangement, you are deferring the payment of capital only.
 
Interest that accrues during the payment break will be capitalized and repaid over the remaining term of the loan. As such, it attracts interest in the same way as the loan advances until repaid in full. In addition, the capital repayments that are deferred under a payment break or interest only arrangement means you are repaying the loan more slowly than originally scheduled. Interest is still be charged on those deferred capital repayments. Together, these represent an additional cost of credit.  

Please refer to your confirmation and/or roll-off letter which outlines your cost of credit impacts as a result of the payment break. If you have any queries please contact your Business Partner or the Business Support Team on 1800 804 414

If you are not able to resume your scheduled repayments, please contact your Business Partner or the Business Support Team as soon as possible on 1800 804 414 to discuss your options.

If you have availed of a Covid-19 payment break that is coming to an end, and you need additional support depending on your circumstance, please contact your Business Partner or the Business Support Team on 1800 804 414 who will discuss your options with you.

Where your Covid-19 Payment Break has ended and you do not resume full repayments on your Business Loan, it means that your credit record will be impacted – we are required by law to report all outstanding loans to the Central Credit Register (CCR). We’re also required to report outstanding loans to the Irish Credit Bureau (ICB). A poor record on either register may impact your ability to get approval for credit in the future.
For additional information on Business Banking Financial Difficulty Process please see our Information booklet here

If you availed of a payment break, where applicable, it is important that you review your Life Assurance policy to ensure that you have enough cover in place taking into account your payment break.  We recommend that you ensure that any protection policy on your facility is sufficient to repay the facility on the basis of the revised payment arrangement.

While Covid -19 payment breaks are no longer available, if you are not able to resume your scheduled repayments, please contact your Business Partner or the Business Support Team on 1800 804 414 to discuss your options.
 
You should be aware where you do not make full repayments on your Business Loan, it means that your credit record will be impacted. We are required by law to report all outstanding loans to the Central Credit Register (CCR). We’re also required to report outstanding loans to the Irish Credit Bureau (ICB). A poor record on either register may impact your ability to get approval for credit in the future.

If you still have unanswered questions about the options available to you, please contact your business partner or the Business Support Team on 1800 804 414 who will be happy to help you.