Doherty wants extension in loan payment breaks, without additional interest

A Donegal TD is calling for the Minister for Finance to ensure lenders provide an extension in loan payment breaks for borrowers affected by the latest round of Covid-19 restrictions without additional interest being imposed.

The Sinn Fein Finance spokesman Pearse Doherty says that on December 2nd the European banking regulator made an announcement that allows the government and Irish banks to provide for a three-month extension to payment breaks for those borrowers that now need it.

He added that previously, Irish borrowers were only able to avail of a six-month payment break while borrowers in Germany, Italy and Spain were able to get breaks of between nine and 12 months.

Worse, he said, these banks charged borrowers additional interest during their payment breaks.

Deputy Doherty says that in this latest round of Covid restrictions, there are many mortgage holders and SMEs that need help.