New COVID-19 Banking Relief Measures Announced for Irish Nonprofits

Posted on 8 Apr 2020 Last updated on 14 Apr 2020

The Wheel is pleased to have received confirmation from the Banking & Payments Federation Ireland (BPFI) that relief measures to help address the impact of COVID-19 are available to nonprofit businesses and organisations, including charities, community and voluntary organisations, and social enterprises. 

The confirmation (which we received 8 April) are outlined below.

The BPFI informed us that its,"retail banks (AIB, Bank of Ireland, KBC, Permanent TSB and Ulster Bank), non-bank mortgage lenders (Finance Ireland and Dilosk/ICS Mortgages) and credit servicing firms (Investec Private Finance Ireland Ltd, Lapithus, Link Group, Mars Capital, Pepper and Start) have put in place measures to help personal customers and businesses including not-for-profit businesses/organisations (retail banks only).

The following are the key elements:

  • A payment break for up to three months is available to both personal and business customers. This can be followed by ongoing reviews depending on the scale and extent of the situation
  • Court proceedings are being adjourned for three months
  • Various working capital facilities and supply-chain supports are available to businesses

Full details here

BPFI also advises that, while their member financial institutions will work to the framework measures referenced above, it is a matter for each lender or credit servicing firm to determine how to respond to each individual customer’s circumstances.  

The Wheel hopes this will provide some assistance to the many charities, community and voluntary organisations, and social enterprises who are struggling to meet an increase in demand for services at this time. Our sector is dedicated to the assistance of vulnerable people in communities across Ireland and this will remain our upmost priority throughout the COVID-19 crisis and beyond.