The Association has held meetings/conference calls with the chief executives and other senior management executives of AIB and Bank of Ireland over the course of St Patrick’s Day and again today.
“Both banks were understanding of the crisis facing pubs and have brought forward supportive measures that will assist pubs in this period,” stated the LVA.
Under its ‘Customer in Difficulty (Forbearance Requests)’ section of its website, the AIB states, “In these uncertain times we can offer help and guidance if you are experiencing financial difficulty. We recognise that you may need support in managing your existing credit facilities with us and have a number of possible solutions available to you depending on your circumstances:
- a) Capital Moratorium – ie interest only for a period
- b) Capital and Interest Moratorium
- c) Covenant Waivers”
And as of today the two banks have indicated they will offer members (on a case-by-case basis):
- access to emergency working capital facilities
- an initial three-month repayment holiday.
These will be reviewed as the situation develops.
The LVA is therefore urging all members to engage directly with their banks immediately to work through this process.
“We would like to thank AIB and Bank of Ireland for their rapid, early engagement at this time of crisis,” commented the LVA’s Chief Executive Donall O’Keeffe, “They completely accepted the extreme difficulties facing the pub sector and the new market reality. The LVA, our members and the banks will work together to overcome this crisis for the duration of the closure period and into an eventual recovery.”
In the meantime, the LVA is continuing to engage with other businesses and interests on behalf of its members.