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June 30th deadline to apply for Irish bank repayment breaks

Time is running out to apply for a payment break from your bank loan if you haven’t already done so.

A new guide published by the Banking Payments Federation Ireland (BPFI) has revealed that a deadline of 30 June has been set by the European Banking Authority (EBA) for lenders to process and grant COVID-19 related payment breaks.

Latest figures show that 140,000 payment breaks have been issued, with close to 80,000 of them for mortgages.

The latest COVID-19 payment break figures break down as 78,000 mortgage payment breaks and 35,800 SME loan breaks.

Commenting on the stats, Brian Hayes, Chief Executive, BPFI said: β€œWith the initial three-month payment breaks issued in mid-March lenders are now undertaking a significant process of engagement with those who have availed of a break and those customers are now being contacted about their options once the current payment break ends. These include the availability of a payment break extension of up to an additional three-month period for those that continue to be directly impacted by the fallout from the COVID-19 pandemic.”

Some useful info in their guide which you can read here.