Treasury Minister: Banks ready to help during Coronavirus pandemic

Treasury Minister Alfred Cannan MHK has acknowledged the role the financial sector is prepared to play during the coronavirus pandemic and praised the commitment shown by local banks to support individuals and businesses.

Minister Cannan said: ‘It is not just Government that is able to assist in these tough times. Our banks have announced that they are also providing assistance to businesses with loan repayment holidays and working capital assistance.  

‘I know that businesses are working hard to react to the changes brought about by the virus, but the banking industry is standing ready to help. I want to thank the banks, their executive teams and their staff for their offers of support and for the work they are about to embark on.'

A range of Government measures were announced yesterday to support businesses and workers. These included the introduction of a National Insurance Holiday for employers in certain sectors, a grant of £3,000 for businesses in certain sectors and the introduction of a new sick pay compensation payments to mitigate the cost of paying employees in self-isolation.