The main Irish banks are to introduce a three-month freeze on mortgage and loan repayments until June, for customers whose income has been affected by the spread of coronavirus.

As the Irish Farmers Journal went to print on Wednesday afternoon, Minister for Finance Paschal Donohoe was meeting with the CEOs of the five main banks in Ireland to discuss a joint-plan to support affected customers through the coming weeks and months.

The five main banks are AIB, Bank of Ireland, Ulster Bank, Permanent TSB and KBC.

Customers whose income has been affected by the coronavirus emergency will need to engage with their bank to avail of a freeze in their loan or mortgage repayments

It’s understood the joint-plan will include a freeze on mortgage, business and personal loan repayments. Customers whose income has been affected by the coronavirus emergency will need to engage with their bank to avail of a freeze in their loan or mortgage repayments.

For farmers and farm families who incur a loss in income over the coming weeks, it’s important to know these measures will apply to home mortgage repayments, personal loans, car loans, stocking loans, farm business loans or tractor finance, provided the loan or finance has been taken out with one of the five main banks.