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 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)
- 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 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”.
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) 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 any other 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 any other credit reference agency/register if appropriate. The report to CCR 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 or any other credit reference agency / register.
Banks and other financial institutions can have access to reports of arrears and arrangements of this kind on CCR or any 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.
- Guidance in relation to COVID-19 for Business Customers
Companies could consider the following actions:
Bank of Ireland is not responsible for the information on third party websites.
- Provide guidance and support to employees and implement measures to protect staff;
- Some businesses’ cash flows are being impacted as revenues reduce. Businesses should review cash flows in detail for at least the short and medium term and identify what mitigating actions can be taken to preserve cash over that period;
- 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 increased working capital facilities or other financial supports.
- 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.
- 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 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:
- 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.