CBI statement on Irish approach to legislative and non-legislative moratoria

Following the European Banking Authority (“EBA”) announcement of the reactivation of its guidelines on payment moratoria, issued on 2 December (the “Guidelines”), the Central Bank of Ireland (“CBI”) has issued a statement on the Irish approach to payment moratoria. 

While the CBI note the terms of the Guidelines, their statement confirms that the revised Guidelines will have no immediate affect for Irish borrowers as there is no open national payment moratoria scheme currently operating in Ireland. At present, the Irish approach is to support borrowers on a case-by-case basis. 

As such, it is imperative that borrowers actively collaborate with lenders and advisors to produce flexible, tailored and commercial solutions to manage the impact of COVID-19 on their financing arrangements. As always early engagement is crucial. 

For further information, please contact Elizabeth Ryan, partner from the ByrneWallace Banking and Finance team, or your usual ByrneWallace contact.