This might bring you some relief today.

Irish banks will be offering struggling home and business owners a three-month mortgage break as the country gets to grips with job losses and business closures on every street.

With more than 150,000 out of work so far, Minister for Finance Paschal Donohoe met with Ireland’s five main banks – AIB, Bank of Ireland, KBC, Ulster Bank and Permanent TSB – today to discuss options for homeowners who cannot afford to pay their mortgage due to the Covid-19 crisis.

Under new rules to be rolled out as soon as possible, mortgage holders will be able to defer their payments for three months without impacting their credit record. Court proceedings will also be deferred.

Worried about your credit union loan?

In light of the bank’s agreement to offer payment holidays to borrowers who run into difficulty as a result of Covid-19, Kevin Johnson, CEO of the Credit Union Development Association said credit unions will be “understanding and will be flexible towards their members’ genuine financial limitations” over the coming months.

“We have also asked the Central Bank for further guidance on short-term forbearance measures granted to people who are in danger of missing loan payment to ensure that their long-term credit rating isn’t negatively affected.” he said.

“Credit Unions have always been there for people in both the good times and the bad times and will engage fully with all members in difficulty. I would advise anyone who feels they have or will run into trouble, to make contact with your credit union and explain your situation. The best way to do this at the moment would be via email or over the phone.”