Banks agree to cut loan repayments by up to 90%

BANKS and building societies in Ireland are agreeing to cut loan and mortgage repayments by up to 90% for customers in genuine financial difficulty.

New figures from the Irish Banking Federation (IBF) show around 30,000 borrowers had their payments rescheduled.

An updated estimate expected in the coming weeks from the Financial Regulator is likely to show “continuous forbearance on the part of lenders”.