Irish Borrowers Secured Second-highest Payment Breaks In Europe

Irish households and businesses secured the second-highest level of payment breaks from banks at the height of the coronavirus pandemic across a group of 11 western European countries, according to a report from debt ratings agency DBRS Morningstar, The Irish Times reported. Some 13.4 per cent of Irish loans across the State’s three domestic banks were subject to payment freezes at the end of June, second to Portuguese loans at 21.5 per cent, and almost double the 7 per cent average, the report said. German loans came in at the other end of the scale, at 1.6 per cent. The extent to which borrowers in individual countries availed of payment breaks is likely to have been influenced by varying levels of economic shock, government supports and pre-existing riskiness of lenders’ loan books, the report said. Read more