'Vast majority' of Covid hit firms have viable future, Central Bank says

Companies likely to be hardest hit by the crisis were those that were already struggling financially before Covid, regulator says

Central Bank deputy governor Sharon Donnery: 'The survival of viable businesses, who have faced challenges during the pandemic, is critical for employment and the overall health of the economy.'

The “vast majority” of Irish companies financially impacted by the Covid crisis have a viable future and Government supports have not artificially supported firms or created zombie businesses, the Central Bank has said.

In its latest research on the impact of the pandemic on companies, specifically SMEs, the regulator said the companies likely to be hardest hit by the crisis were those that were already struggling financially before Covid.