Ireland’s Allied Irish Bank approves 25,000 loan payment breaks


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Ireland’s Allied Irish Bank approves 25,000 loan payment breaks

On Sunday, the 12th of April 2020, the Chief Executive of Dublin-based Allied Irish Bank (AIB), widely known as one of the top four multinational commercial lenders in Ireland, said in an interview with the Sunday Times that the AIB (Allied Irish Bank), the second-largest lender in Ireland, had approved 25,000 loan payment breaks for its clients as part of a fiscal aid for homeowners and businesses amid a nationwide lockdown.

In point of fact, the Allied Irish Bank had processed loan payment breaks for 22,276 customers last year, while the figure had already topped the total number of cases filed last year as the Irish lender appeared to be seeking to help Irish businesses and homeowners see through the unprecedented pandemic outbreak.

Aside from that, according to AIB Chief Executive, Colin Hunt, who was quoted saying in his Sunday Times interview that it would be inevitable some clients would require aid beyond the agreed timeline, the total 25,000 loan payment breaks agreed by the AIB would involve 15,000 clients in mortgage loans and another 5,000 loans for business clients seeking further time for working capitals, while the Allied Irish Bank’s arch-rival, the Bank of Ireland had also processed a similar figure of applications for loan payment breaks of mortgage alongside business customers by end-March, Bank of Ireland’s Chief Executive, Francesca McDonagh, said later last week (April 3rd).