Banking & Payments Federation Ireland (BPFI) has urged customers who may need a payment break to contact their bank as soon as possible ahead of a 30 June deadline set by the European Banking Authority (EBA).

BPFI figures show that banks have so far approved 140,000 payment breaks during the COVID-19 pandemic, including 78,000 for mortgage customers and more than 35,000 for small business loans.

Extension

BPFI chief executive Brian Hayes (pictured) said lenders were now engaging with customers who had availed of a break to discuss their options once the current period ended.

“These include the availability of a payment break extension of up to an additional three-month period for those that continue to be directly impacted by the fallout from the COVID-19 pandemic,” he said.

Guide

Referring to the EBA deadline set for banks to process and grant payment breaks, Brian Hayes said it was essential that customers applied as soon as possible if they felt they needed one.

The BPFI has published a guide to payment breaks and repayments which is available on its website.