Details of AIB's support for Northern Ireland customers has been announced, including loan and mortgage holidays, charity initiatives, and now coronavirus business interruption loans.
The coronavirus outbreak has had a significant economic impact in Northern Ireland, and banks across the region have been responding with a range of support options for businesses and individuals. Many of our banks have offered pauses on mortgages and business interruption loans to help get people through the lockdown, and have been running outreach programmes and supporting charities to protect their vulnerable customers.
AIB has announced the details of the support it's been giving its customers throughout the crisis, with key short-term interventions including repayment holidays on loans and mortgages, and extensions of working capital facilities. Around 99.7% of all applictions over the last six weeks have been approved by the bank, and the bank has also now been approved for accreditation by the British Business Bank as a new lender for the Coronavirus Business Interruption Loan Scheme (CBILS) scheme.
Like other banks, AIB has been running dedicated opening hours in the mornings for vulnerable customers and implementing social distancing in its branches. It's stepped up its response to phone banking queries as over 16,000 calls have flooded in over the last four weeks, and has opened a dedicated helpline for vulnerable customers at 0345 6460319. More information on the bank's coronavirus initiatives can be found at https://aibni.co.uk/covid19
The AIB Group has also launched the 'AIB Together' fundraising initiative for local charities that help support people affected by the pandemic. The scheme will match all donations raised by local charities supporting the vulnerable during the pandemic, and aims to raise €1m. Finally, the bank has announced a £2m collaboration with Trinity College Dublin to establish a research hub to develop a vaccine to the COVID-19 virus.
Adrian Moynihan, Head of AIB in Northern Ireland, commented on teh bank's response to the outbreak: "In the face of this unprecedented medical, societal and economic crisis, we are keen to ensure we do everything we can to support our customers, our communities and our team. [...] I am proud that our team has been able to support over 2,000 customers to date and the fact that we are approving over 99% of their requests for support, is tangible evidence of our commitment to playing our part."
Source: Written based on press release
