Covid 19-Supports


Help during COVID-19

The impact of Covid 19 is being felt across different business sectors. We have a number of supports in place including the provision of emergency working capital, prioritising loan decisions for impacted customers, payment flexibility on loan facilities and the provision of trade finance and foreign currency products to support sourcing from suppliers internationally.

  • Business Direct Debits & Standing Orders

    Business customers: We understand that you might want to cancel standing orders or direct debits as you re-organise your finances in response to COVID-19.

    Standing orders

    Standing orders for loans cannot be cancelled.

    • If you use online banking, the easiest way to manage your standing orders is on 365 online or the Bank of Ireland app.
    • You can cancel a standing order online here (You will need the recipient’s IBAN).
    • You can set up amend or cancel a standing order by downloading a form and posting it to us. (You will need the recipient’s IBAN)

    Direct debits

    • If you use online banking, the easiest way to cancel a direct debit is on 365 online or the Bank of Ireland app.
    • You can also cancel a direct debit online here. (You will need the Unique Mandate Reference (UMR) and the Creditor ID of the recipient).
    • You can cancel a direct debit by downloading a form and posting it to us. (You will need the Unique Mandate Reference (UMR) and the Creditor ID of the recipient).


  • Supports for businesses affected by COVID-19

    The impact of COVID-19 is being felt across all business sectors.

    These impacts are leading to a number of financial needs for our business and agri customers, including the provision of emergency working capital, prioritising business loan decisions for impacted customers, payment flexibility on business loan facilities, and the provision of trade finance and foreign currency products to support sourcing products from new suppliers internationally.

    If you are coming to the end of your First or Second COVID-19 Payment Break on your business loan or you are coming to the end of the alternative arrangement put in place after your Second Payment Break expired, and do not have an assigned Business Relationship Manager, please click here. You can also contact us on 1890 882 961 or 353 (0) 1 4883035 (lines open 9am to 5pm Monday to Friday excluding Bank Holidays).

    Please Note: The closing date for applying for a First Covid-19 Payment Break was 30th September 2020. The closing date for applying for a Second Covid-19 Payment Break was 31st January 2021. If your First or Second Covid-19 Payment Break ended after the closing dates due to your repayments being made less frequently than monthly e.g. quarterly or annually, you can contact us on the details mentioned on this page to discuss the options that may be available to you.

    If you have been assigned a Business Relationship Manager you should contact them directly to discuss your options.

    If you are a Business Relationship Managed or Non Business Relationship Managed customer and would like to see illustrative examples that show what taking a Payment Break(s) could mean for the total cost of credit on your business loan, you can visit our Payment Break calculator by clicking here.

    Bank of Ireland sectoral experts are also available to support customers in areas including agriculture, manufacturing, hospitality, health, food and beverage, motor, technology and retail convenience. For more information click here.

    It is important that businesses are proactive in assessing their capability to withstand disruption, from both an operational and a financial standpoint, and that they act decisively to mitigate actual or potential issues caused by the spread of COVID-19. Please refer to ‘Guidance in relation to Covid-19 for Business Customers’ for more information.


  • Business Loan Payment Break Options

    We at Bank of Ireland are here to help you and we are working hard to support you during this unprecedented and challenging time.

    If your Business is affected by COVID-19 and you are concerned about making your repayments on your Bank of Ireland business loan please click here for information on the options available to you and how to apply for them.

    Please Note: The closing date for applying for a First Covid-19 Payment Break was 30th September 2020. The closing date for applying for a Second Covid-19 Payment Break was 31st January 2021. If your First or Second Covid-19 Payment Break ended after the closing dates due to your repayments being made less frequently than monthly e.g. quarterly or annually, you can contact us on the details mentioned on this page to discuss the options that may be available to you.

    If you have been assigned a Business Relationship Manager you should contact them directly to discuss your options.

    If you would like to see illustrative examples that show what taking a Payment Break(s) could mean for the total cost of credit on your loan, you can visit our Payment Break calculator by clicking here.

    Bank of Ireland sectoral experts are also available to support customers in areas including agriculture, manufacturing, hospitality, health, food and beverage, motor, technology and retail convenience. For more information click here.

    It is important that businesses are proactive in assessing their capability to withstand disruption, from both an operational and a financial standpoint, and that they act decisively to mitigate actual or potential issues caused by the spread of COVID-19. Please refer to ‘Guidance in relation to Covid-19 for Business Customers’ for more information.


  • BIF Asset Finance Payment Break Options

    We at Bank of Ireland Finance are here to help you and we are working hard to support you during this unprecedented and challenging time.

    If your Business continues to be affected by COVID-19 and you are concerned about making your repayments on your Bank of Ireland Finance Credit Agreement (Business Hire Purchase, Business Lease and Insurance Premium Finance agreement); please click here.

    Please note that the closing date for applications seeking a first Payment Break has now closed as of 30th September 2020.

    For any queries please contact our Customer Services team on 1890 66 44 66 (our lines are open 9am-5pm, Monday to Friday).


  • Guidance in relation to COVID-19 for Business Customers

    Companies could consider the following actions:

    • Provide guidance and support to employees and implement measures to protect staff;
    • Some businesses’ cash flows are already being impacted as revenue dries up. Businesses should review cash flows in detail for at least the next three months and identify what mitigating actions can be taken to preserve cash in the short and medium term;
    • Stabilise supply chain – understand your suppliers exposure and agree actions with them to address anticipated shortages e.g. sourcing alternative suppliers in other regions if necessary;
    • Engage with your key stakeholders ( e.g customers , suppliers, bank, investors) – Businesses should communicate regularly with key stakeholders to try and address any current or anticipated challenges. Some actions that can be taken are listed below:
      • Talking to your bank in respect of loan obligations. Bank of Ireland has a number of COVID 19 supports available. Early contact with your bank is advisable if you require a repayment break or increased working capital facilities.
      • Advising customers early if there is any delay with your deliveries and advise them when they can expect to receive them if there has been a delay.
      • Renegotiating payment terms with suppliers if necessary
      • Talking to your debtors, there may be an opportunity to offer a discount for early payment.
      • Talking to your landlord if you think you are unable to pay your rent on time.
    • Assess / Review contractual obligations with partners – it is possible that some partners are not in a position to fulfil their contractual obligations. This step may also provide partners with the opportunity to attempt to renege on arrangements which, with the benefit of hindsight, they would prefer not to have entered into;
    • Review insurance cover – your business may have insurance coverage for some of the losses that may arise from COVID-19. It would be prudent for businesses to conduct an early stage analysis of their insurance policies to ascertain what coverage may be available should it be required. In particular, consideration should be given to whether there are any specific notification requirements or obligations to engage with your insurer in certain circumstances. In addition, consideration should be given to whether your cover stipulates duties to mitigate any loss that your business may incur;
    • Retrain your staff to ensure your business can continue to operate at all times;
    • Avail of Government support – a variety of supports for businesses affected by COVID-19 have been announced. It is worth understanding what these are and if and how your business can avail of them. For more information click here.
    • Check out revenue guidelines regarding ongoing tax returns and payments. For more information click here.

    Bank of Ireland is not responsible for the information on third party websites.


  • Foreign Currency Products & Trade Finance

    Foreign Currency Products & Trade Finance

    COVID-19 has placed the world and its economy into uncertain territory. As a result of this, we have seen heightened currency volatility which has had a significant impact on Irish businesses across the country.

    At Bank of Ireland Global Markets, we make it our business to understand and anticipate the market forces that most affect our customers. Our team of experienced and highly skilled traders can provide you with the analysis and market intelligence that will allow you to successfully navigate these changing times.

    Foreign Currency Products

    Bank of Ireland’s FX Dealing team can help you understand your currency risk management options. We offer a range of simple and complex hedging solutions that will support your business in this environment. For more information in relation to foreign currency and international payments click here.

    Trade Finance

    Trade Finance services help to support importers and exporters trading internationally (some facilities require prior credit approval, please contact your Business Relationship Manager or branch). For more information on Trade Finance services click here.

     
     

    If you wish to discuss Foreign Currency Products or Trade Finance options for your business, contact our team directly on:

    Phone: 01 609 4300 ( Global Markets)    Email: askthedealer@boi.com


  • Business On Line Covid 19 Message

    While we are not experiencing any disruption to our Business On Line services currently, we are monitoring the Covid-19 situation closely and we have contingency plans in place in the event that we face disruption.

    If your business is implementing contingency plans to deal with potential disruption events caused by Covid-19, please note Business On Line channels are accessible from a laptop or desktop device with internet access and can accept future dated payments. Click here for more details on how to access Business On Line from outside your normal working environment or for other general help & support.