The impact of Covid-19 has been felt across all business sectors.
These impacts have led to a number of financial needs for our business and agriculture 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 your Business is or has been affected by Covid-19 and you are concerned about making your repayments on your Bank of Ireland business loan and you would like some further details on Covid-19 support information please click here.
The option of applying for Covid-19 Payment Breaks has now expired.
- 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.
However if your First or Second Covid-19 Payment Break ended after these closing dates due to your repayments being made less frequently than monthly, e.g. quarterly or annually you should contact us to discuss the options that may still be available to you as you come towards the end of your Covid-19 Payment Break.
It is important to remember that you will receive a letter from us before the end of your First and Second Covid-19 Payment Break describing your options. We have provided contact details below if you would like to get in contact with us to discuss what supports are available to you whether you are coming towards the end of a Covid-19 Payment Break or if you would just like to get more details around what supports are available to customers.
Please note: If you availed of any Covid-19 Payment Breaks it will mean that for the duration of the Covid-19 Payment Breaks, the “Date of Next Payment” on your Central Credit Register (CCR) profile will be recorded as the date that your monthly payment ordinarily falls due on your Credit Facilities although no payments are required during the Covid-19 Payment Breaks. However, Covid-19 Payment Breaks will not be marked as a missed payment and will not be reported to the CCR as “Payments Past Due”.
A Covid-19 Payment Break will not have an adverse impact on your Irish Credit Bureau record.
However if you availed of an Alternative Arrangement we will provide this Alternative Arrangement under the SME Regulations* and it will be recorded with the Central Credit Register (CCR) and the Irish Credit Bureau (ICB) which may impact your ability to access credit in the future.
If we amend the terms of the loan we must report that to the CCR as a Restructure Event. A “Restructure Event” means an arrangement put in place to help a borrower manage or avoid arrears or other financial difficulty. We will also report the arrangement as one to help you manage or avoid arrears or other financial difficulty to the ICB or to another credit reference agency/register if appropriate.
If you fall behind with the payments on your loan, by law we must report that to the CCR. We will also report it to the ICB or to another credit reference agency/register if appropriate. The report to CCR and ICB will show the number of payments you have missed.
Generally, we do not notify you separately before we make a report on any arrears or an arrangement to the CCR, ICB or another credit reference agency / register.
Banks and other financial institutions can have access to reports of arrears and arrangements of this kind on CCR, ICB or another credit reference agency / register. This could have a negative effect on your credit rating, making it more difficult for you to borrow from us or other lenders in the future. For example, you may have difficulty getting a new loan or other credit.
*Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015 (as amended).
How to contact us:
If you need to contact us in relation to what Covid-19 supports may still be available to you or to discuss your current financial position and what general supports are available please contact us as follows:
- If you have a dedicated Business Relationship Manager please contact them directly.
- If you don’t have a dedicated Business Relationship Manager please make contact by phoning us on 0818 882 961 or 00353 1 4883035 (Lines open 9am – 5pm Monday to Friday excluding Bank Holidays).
If you would like some further details on Covid-19 support information please click here. You can visit our FAQs if you are looking for further information in relation to Covid-19 Payment Breaks or for information if you want to contact us to discuss what supports are available for customers.
If you would like to see illustrative examples that show what taking a Covid-19 Payment Break(s) may have meant 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.