Interest will continue to be charged on mortgages suspended during the Covid-19 crisis, Ireland’s banks have confirmed.
This comes despite Paschal Donohoe, the finance minister, saying he expected this would not happen, and that the “financial burden” of people struggling would not be added to.
Ireland’s five main banks said on Wednesday that they would suspend mortgage payments for up to three months for customers affected by the coronavirus outbreak.
The Banking and Payments Federation (BPFI), the representative group for the industry, said this would be followed by reviews “depending on the scale and extent of the situation”.
It said this was to help those struggling to make payments as a result of the Covid-19 outbreak, as it is estimated that tens of thousands of
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