Clare’s Independent TD insists that the country’s newly unemployed can’t be allowed to go into arrears over a crisis that’s not of their making.
Mortgage and business loan repayments could be frozen for those struggling as a result of the coronavirus outbreak.
It’s one possible measure that is to be discussed when the Finance Minster meets with the banks this afternoon.
Finance Minister Paschal Donohoe will meet with the heads of the country’s five main banks this afternoon as Covid-19 continues to threaten people’s livelihoods.
Temporary business closures, a drop in footfall and job losses are expected to lead to a surge in bad loans, with businesses and homeowners struggling to make ends meet.
Fergal O’Brien from IBEC believes the government needs to treat this as seriously as the bank bailout.
AIB, Bank of Ireland, Ulster Bank, Permanent TSB and KBC are said to working on a plan to help customers impacted by the outbreak.
A three-month freeze on mortgage repayments and business loans is understood to be one of the measures being considered and the possibility to extend that period will also form part of the plan.
Scariff Independent TD, Michael McNamara has welcomed the talks, saying people cannot pay out, if they’re not taking enough money in.