Covid-19 Payment Break information and supports available for Businesses

During 2020 and the first quarter of 2021 Bank of Ireland implemented a number of supports to assist our customers during the Covid-19 Pandemic. Covid-19 Payment Breaks were part of these supports however 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 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 other 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:

Even if you availed of a First and Second Covid-19 Payment Break and you still feel that you may not be able to meet the repayments on your loan, that you need other financial supports or if you feel you may be in financial difficulty please contact us as soon as possible so we can explore options that may be suitable for you.

You may also have not yet reached the end of your First or Second Covid-19 Payment Break due to your repayments being made less frequently than monthly, e.g. quarterly or annually but you want to contact us to discuss your current financial position or available supports.

For any of the above 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).

Other useful information about Covid-19 Payment Breaks

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 Covid-19 Payment Break calculator by clicking here.

If you would like to see some specific illustrative examples that show what taking a Covid-19 Payment Break(s) could have meant for the total cost of credit for your loan, please visit our Frequently Asked Questions FAQs.

Please also visit our FAQs if you are looking for other useful information in relation to Covid-19 Payment Breaks.

Please note the terms credit facilities, loans and business loans are used interchangeably.