Employment and output at Irish factories plunged again in April, providing new evidence of the dire economic crisis as Ireland’s main banking group called for the State to guarantee loans for banks to provide small businesses at low cost. Meanwhile, the Banking & Payments Federation Ireland (BPFI), said State-guaranteed loans will be needed for small firms “if they are to stand a chance of survival and recovery in the months ahead”. The group represents the five main banks, AIB, Bank of Ireland, Ulster Bank, Permanent TSB, and KBC Bank Ireland, as well as some of the servicing agents for the so-called vulture funds. BPFI wants a 90% guarantee on loans by the State for very small, or micro firms, and guarantees of 80% for other SMEs. It also confirmed that the three-month payment breaks for bank customers have been extended to six months following agreement by the Central Bank.

Source: Irish Examiner April 30, 2020 22:52 UTC