Pressure is mounting on the banks to grant a mortgages and loans moratorium this evening.
The opposition in the Dail is now united in calling on the banks to stop sitting on their hands and show some compassion.
The five main bank chiefs are due in the Department of Finance for a crunch meeting with the Minister for Finance, Paschal Donohoe, this afternoon.
Mr Donohoe will be expected to put the squeeze on the banks as they have stood idly by so far and done nothing for punters as the economy heads for a crash thanks to coronavirus.
Now, both major opposition parties, Fianna Fail and Sinn Fein, are speaking out ahead of the meeting and demanding the banks grant urgent relief.
For families and homeowners, this would come in the form of a break from mortgage payments for at least three months.
This would also allow landlords to then pass on the break to renters.
Fianna Fail finance spokesman, Michael McGrath, told RTE’s Morning Ireland this morning that any proposed scheme from the banks should be as simple as possible.
He said: “People are in difficulty.
“Many of the thousands of people who have lost their jobs in the past number of days, and who will in the days ahead, simply will not be able to continue with their mortgage repayments in the normal way.
“What we cannot have is some complex, cumbersome scheme.
“We need simplicity here and we need speed and there has to be an ability for people to simply opt for a freeze on their mortgage repayments for a number of months.”
And in this morning’s Irish Daily Mirror, Sinn Fein finance spokesman, Pearse Doherty, said: “It is time for the banking sector to put its money where its mouth is and step up to the plate.
“A decade ago, taxpayers bailed out the banks as a result of their recklessness and greed.
“The outstanding cost of that bailout stands at €42 billion.
“Taxpayers will spend over €1 billion every year just to service the massive debt the banks saddled them with.
“The bailed-out banks have been able to enjoy profits of over €2 billion without having to pay a cent in corporation tax.
“It is time for them to return the favour.
“All banks must provide a mortgage holiday for any mortgage-holder who has been laid off or suffered income loss as a result of the COVID-19 outbreak.
“That means no mortgage repayments, no interest paid, for at least the next 3 months.
“This must extend to other household debts, including tuition loan and credit card repayments.
“Affected businesses must also be accommodated in a similar manner.
“The Government must also act with the Central Bank to protect those families who have seen their mortgages sold off to vulture funds, and take whatever measures necessary to enforce the same reliefs for those mortgage-holders.”
