The Central Bank has prioritised mortgage and SME debt in its engagement with lenders and outlined its expectations in terms of the approach that lenders should be taking to support all borrowers whose incomes have been affected by COVID-19.
Lender support for borrowers is moving from a system-wide approach of one-size fits all payment moratoria to an individual approach, where the support should be tailored to the individual borrower’s needs, and in line with relevant codes and regulations including regulations for firms lending to SMEs.