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Three month mortgage and loan deferrals among Ulster Bank coronavirus customer support measures

Italy announced plans to suspend mortgage payments across the country earlier today.

Image: Shutterstock/ChiccoDodiFC

ULSTER BANK HAS released details of a range of measures aimed at supporting personal and business banking customers whose financial situation has been impacted by the coronavirus outbreak.

On the business front, the bank announced a €500 million ‘working capital support’ fund for small and medium enterprises.

The supports include temporary emergency loans with no arrangement fees, short-term overdrafts or an increase or extension of existing overdrafts and capital repayment holidays on variable rate lending for businesses experiencing short-term liquidity pressures.

Personal banking customers

For personal banking customers experiencing money problems due to Covid-19 the bank has announced a range of measures. These are:

  • Mortgage and loan repayment deferrals for up to three months
  • Access to fixed term savings accounts early without breakage fee
  • Increase in overdraft and credit card limits
  • Increased cash withdrawal limit
  • Waiving of cash advance fees for customers that use credit cards to access money in an emergency

The bank said that they are not blanket provisions and customers’ circumstances will be considered on a case-by-case basis.

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Chief Executive Officer Jane Howard urged any customer that is concerned about their finances as a result of the coronavirus to contact the bank. “Ulster Bank is committed to providing all of our customers with the support they need through this period of uncertainty,” she said.

Earlier today Italy’s deputy economy minister announced that mortgage payments will be suspended across Italy in a bid to soften the economic impact of the virus on households.

Last week Bank of Ireland announced supports for businesses including emergency working capital, payment flexibility on loan facilities and the provision of trade finance and foreign currency products to help businesses source products from new suppliers.

About the author:

Céimin Burke

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