Royal Bank of Scotland defers mortgage and loan repayments for up to THREE MONTHS for customers impacted by coronavirus
The bank said customers could apply for increased temporary credit card limits By Amie Gordon For Mailonline
Published: : 57 EDT, (March)
RBS said it would also waive early closing charges on fixed savings accounts and offer refunds on credit card cash advance fees so Affected customers can access cash without penalty.
The bank said customers could apply for increased temporary credit card limits and request an increased cash withdrawal limit of up to £ 500 to help them manage disruption.
This comes after Italy – which is now on lockdown – said mortgage payments would be suspended.
Halifax, Lloyds banking group and Barclays banks have not yet made clear what measures, if any, they will implement to help customers impacted by the virus. RBS said it would also waive early closure charges on fixed savings accounts and offer refunds on credit card cash advance fees so affected customers can access cash without penalty
Banks step up to help businesses and customers in the wake of coronavirus outbreak’s economic impact
RBS has pledged to defer mortgage and loan repayments for up to three months for customers impacted by coronavirus.
It will also waive early closure charges on fixed savings accounts and offer refunds on credit card cash advance fees so affected customers can access cash without penalty.
RBS customers can apply for increased temporary credit card limits and request an increased cash withdrawal limit of up to pounds to help them manage disruption.
Lloyds:
Lloyds Banking Group has offered £ 2bn of new funding for small firms, which won’t come with any arrangement fee, to help their cashflows cope with the virus.
Natwest:
Natwest said it would pledge £ 5bn of funding to support small and medium-sized businesses across the UK amid disruption caused by coronavirus.
The banks said funding will be used to provide loan repayment holidays of up to six months, as well as temporary emergency loans with no fees.
It will will also grant overdrafts of extensions of existing overdraft limits, as well credit limits of up to £ 728 to support cashflow
RBS said it has so far ‘proactively’ contacted 5, 02 customers to offer support.
A spokeswoman for RBS said: ‘We are monitoring the potential impact of coronavirus across all our customers to ensure we can Support them appropriately through any period of disruption. ‘
Natwest, meanwhile, said it would pledge £ 5bn of funding to Support small and medium-sized businesses across the UK amid disruption caused by coronavirus.
The banks said funding will be used to provide loan repayment holidays of up to six months, as well as temporary emergency loans with no fees.
It will will also grant overdrafts of extensions of existing overdraft limits, as well credit limits of up to £ 728 to support cashflow. And Lloyds Banking Group has offered £ 2billion of new funding for small firms, which won’t come with any arrangement fee, to help their cashflows cope with the virus.
Italy’s banking lobby ABI said yesterday that most lenders would offer debt moratoriums to small firms and homes grappling with the economic fallout .
The government has also drawn up plans for an economic stimulus and has led calls for the EU to loosen budget rules. to tackle the crisis. Italy suspends mortgage payments in the wake of coronavirus outbreak’s economic impact
Payments on mortgages will be suspended across the whole of (Italy) (after the) (coronavirus outbreak, the country deputy economy minister said today.
‘Yes, that will be the case, for individuals and households,’ Laura Castelli said in an interview with Radio Anch ‘ io, when asked about the possibility. Italy’s banking lobby ABI has said that lenders representing 674 per cent of total banking assets would offer debt moratoriums to small firms and homes grappling with the economic fallout.
the news comes as Italy announced that it had doubled the amount it plans to spend On tackling its coronavirus outbreak to £ 6.5billion and is raising this year deficit goal to 2.5 per cent of national output from the current 2.2 per cent target. (Speaking to La Repubblica, prime minister Conte yesterday vowed a course of ‘massive shock therapy’ to aid the Italian economy After much of its industrial and business heartland was shut down.
The Milan stock market, which was already down some per cent since the outbreak in northern Italy, plunged at Monday’s opening, with the blue chip FTMIB index down per cent.
Matching similar calls from France, Conte said strict European Union borrowing limits should be loosened to allow more room for manoeuvre, and that the flexibility envisaged by the EU’s budget rules should be used ‘in full’.
‘Europe cannot think of confronting an extraordinary situation with ordinary measures,’ he said.
The European Commission told Italy on Saturday that its planned extra spending in response to the outbreak would not be counted in measuring its compliance with EU budget rules.
‘The economic measures in the works will be vigorous, commensurate to current needs, but temporary,’ the economy ministry said, adding that Italy remained committed to reducing its debt as soon as possible.
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