Information for SMEs in / or Facing Financial Difficulties

Working together to support your business

We are committed to assisting you in the event that you find yourself experiencing financial difficulties. We recognise that not all circumstances are the same and we will seek to find the best solution in partnership with you. To assist us in providing this support it is critical that you fully engage with Bank of Ireland so that we can jointly discuss and address the situation. The earlier that contact is established, the quicker a potential solution can be discussed and agreed.

In accordance with our obligations under the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-sized Enterprises) Regulations 2015 (the “SME Regulations”), we have an Information Booklet on Lending to Small and Medium Enterprises available below.

Information Booklet on the SME regulations for Business Lending to Small & Medium Enterprises

This Information Booklet outlines our approach to dealing with SMEs in financial difficulty and gives information on the support which we will provide to customers in this situation. This information booklet is available here and a printed copy is available on request through your Relationship Manager or from any of our branches. A copy of the SME Regulations is available on the website www.centralbank.ie.

 

Why might we contact you?

From time to time, we may get in touch to ask for updated information about your business or to discuss your current circumstances.

We may do this because some of the information we hold is out of date, we need more information about your business, or we want to discuss support that may be available to you.

We may contact you by letter, email, text, or through a member of the Bank of Ireland team.

If you recently received a letter, email or text message from us and would like some support, please call the number provided or visit your local branch. We’re here to help you.

Keeping your information up to date helps us understand your business and give you the right support when you need it.

  • What should you do if we contact you?

    Tell us about your circumstances

    Tell us about any challenges your business is facing and any concerns you have about your finances or future commitments.

    Work with us to understand your situation

    Talking to us openly and keeping in touch helps us understand your situation and agree the next steps with you.

    Provide the information we ask for

    Sending us the information we need within the timeframe we give you helps us review your situation as quickly as possible.

    Complete any documents we send you

    We may ask you to complete forms to support our review of your situation.

  • Information we may ask you for

    The information we ask for will depend on your business and your circumstances.

    To help us understand your situation, we may ask for:

    • Up-to-date financial accounts
    • Management accounts
    • Cashflow forecasts
    • Business plans
    • Information about your recent trading performance
    • Details of any outstanding loans or borrowing
    • Information about debtors and creditors
    • Bank statements and other financial information
    • Confirmation that your tax affairs are up to date
    • Any other information that helps us understand your business and support needs.
  • How we can support your business

    We understand that every business is different.

    We will take the time to understand your circumstances before discussing the support available.

    Our aim is to work with you to find a practical and sustainable solution. We will consider your individual circumstances, including the size of your business, the sector you operate in and any borrowing you have.

    Depending on your circumstances, support may include:

    • Interest-only arrangements for an agreed period
    • Reduced repayment arrangements
    • Loan term extensions
    • Other solutions appropriate to your individual business circumstances.

 

SCARP

What is SCARP? The Small Company Administrative Rescue Process (“SCARP”) has been introduced to provide a quicker and more affordable restructuring option to small and micro businesses in Ireland, who are facing insolvency.

Please find attached, contact details and information requirements for all applications for our customers under SCARP legislation.

BOI SCARP

Ways we can help

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