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Banks must support businesses, workers and families through economic uncertainty

3 February, 2021 - by Caoimhe Archibald

Sinn Féin MLA Caoimhe Archibald has said banks must support businesses, workers and families through the economic uncertainty caused by the pandemic.

The party's economy spokesperson said:

 “Over the past few weeks a Sinn Féin delegation, including John Finucane MP, Paul Maskey MP and I, has engaged with major banks in the north including Danske Bank, Ulster Bank, AIB and Bank of Ireland. 

"We sought updates on the support being provided to both personal and business customers and highlighted the need for banks to offer flexibility and support to borrowers in terms of mortgage payments, business loans and other borrowings. 

"As the Covid pandemic continues to disrupt our economy many businesses owners, workers and families will be experiencing financial distress and anxiety. 

"It has been reassuring to hear that in the short term banks have processes and arrangements in place to support customers, including payment holidays.

"It is essential that banks offer support to people over the next number of months, particularly when the interventions such as the furlough scheme begin to taper off. 

"Any cliff edge in terms of job losses and mounting debts must be avoided and I will continue to press the banks and financial institutions on the need to support businesses, workers and families so that the experience of previous recessions is not repeated.” ENDS/CRÍOCH

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