Ireland
Measures taken in response to coronavirus (COVID-19) pandemic
Adoption date | Type of measure | Beneficiaries' sector specification | Description of measure | ||||
02/05/2020 | Tax reliefs | Non-financial corporations | A three month commercial rates waiver from 27 March for businesses that have been forced to close due to public health requirements. This measure has been extended to 30 September 2020, as part of the recently announced 'July Stimulus' package, costed at €600m. Budget 2021 extended the commercial rates waiver until 31 December 2021 and on 22 December 2020, the waiver was extended for another 3 months (to end March 2021) at an expected additional cost of €160m. | ||||
02/05/2020 | Equity participation | Non-financial corporations | A €2 billion Pandemic Stabilisation and Recovery Fund within the Ireland Strategic Investment Fund (ISIF), which will make debt/equity available to medium and large enterprises (>€50m turnover or >250 employees) | ||||
08/04/2020 | Public loans | Non-financial corporations | As of 30 July 2020, €500 million made available for the Future Growth Loan Scheme, providing longer-term loans to SMEs, farmers and fisheries. Loans range from €25,000 to €3 million per eligible business,with loans up to €500,000 available unsecured. Terms of 7-10 years. Supported by the EIB Group’s Guarantee Facility, the Scheme follows a risk-sharing model. €14.325m was allocated in Budget 2021 to fund the Department of Enterprise, Trade and Employments's contribution to increase the lending capacity under the Scheme. | ||||
08/04/2020 | Public loans | Non-financial corporations | €180m Sustaining Enterprise Fund aimed at firms with 10 or more employees impacted by COVID-19 that are vulnerable but viable. The fund is operated by Enterprise Ireland, providing repayable advances of up to €800,000 once bank/SBCI options have been exhausted with repayments subject to a three year grace period. Funding provided will comprise a combination of repayable and non-repayable support, with up to 50% of the funding (up to €200k) provided non-repayable. Another €90m allocated on 09/02/2021. | ||||
08/05/2020 | Public guarantees | Non-financial corporations | State guarantee for a special form of refund credit note for package holidays booked through Irish registered travel agents and tour operators. | ||||
11/05/2020 | Other measures of fiscal nature | Non-financial corporations | Provides new “step-in” funding through €200m Momentum Fund for housebuilders where funding from banks may not be available to enable them to commence new housing developments in prime locations. Additional €100m provided for the Momentum Fund as of 15 September 2020 (€184m of €200m subscribed by July 2020). Changes to Standard Development Product and and Small Development Funding Product and new Apartment Funding Product allows a bigger range of housebuilders to access HBFI’s €750m funding (note overall funding approved 2019). | ||||
14/04/2020 | Other measures of fiscal nature | Households | Mortgage payment break of up to three months to be made available to local authority borrowers who are in need of it. Extended twice for periods of three months each. | ||||
19/03/2020 | Public loans | Non-financial corporations | €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business. Takes the form of loans repayable over an 18 month period. | ||||
19/03/2020 | Public loans | All non-financial sector | Loans available from Microfinance Ireland (MFI) of max. €25k (€50k including existing MFI loans) for eligible micro-enterprises. Terms include a six month interest free and repayment free moratorium,with a government rebate for the interest paid in the following 6 months (months 7-12 of the loan). The loan is to be repaid over the remaining 30 months of the 36-month loan period. Lending from this scheme was paused in July once the €20m in loan fund had been fully subcribed. A new €15m fund was opened on 31 August 2020.A further capitalisation of Microfinance Ireland by €5 million was introduced in Budget 2021. | ||||
19/03/2020 | Direct grants | Households | Employees placed on reduced working hours or days can avail of the Department of Employment Affairs and Social Protection Short Term Work Support. Employees must work 3 days per week or less to qualify for the income support payment, having previously been employed on a full time basis. | ||||
19/03/2020 | Public loans | Non-financial corporations | A €450m Strategic Banking Corporation of Ireland Working Capital Scheme for eligible affected businesses. Loans of up to €1.5m with terms of 1-3yrs will be available at reduced rates (max. 4%). | ||||
19/05/2020 | Direct grants | Non-financial corporations | Temporary voluntary fleet tie-up scheme for fishing vessels, implemented under Ireland’s European Maritime and Fisheries Fund Operational Programme 2014-20, co-funded by the Government of Ireland and the European Union.The supports to fixed costs will range from €500 to €6,000 per month for a maximum of two months depending on vessel length. The tie-up scheme will be available to a maximum of 66% of the fishing fleet, in the different size categories, in any one month. | ||||
22/05/2020 | Direct grants | Non-financial corporations | €250m allocated to fund for restart grants (up to €10,000) for micro and small businesses based on a rates/waiver rebate from 2019 and additional €300m restart plus grant to top up existing payments (up to €25,000, including the first grant) and to provide for businesses which could not access the initial funding such as rateable sports businesses and trading charity shops. From midnight on 6 October 2020, level 3 restrictions were applied to the whole country for 3 weeks. Businesses impacted by these restrictions will be able to get a 30% top-up under the Restart Grant Plus Scheme. Businesses that have previously benefited from the Restart Grant can re-apply for this top-up. Businesses in Dublin and Donegal can get an additional top-up, 20% extra for Dublin and 10% extra for Donegal. This brings the total top-up amount up to 50% for Dublin and 40% for Donegal. This is because Dublin and Donegal entered level 3 earlier (on the 18 September and 24 September 24 respectively), and the restrictions for these counties are being extended beyond the initial three-week period. | ||||
24/03/2020 | Direct grants | Households | Temporary COVID-19 Wage Subsidy is a scheme which allow employers to pay their employees during the current pandemic. Employers are refunded up to 70 percent of an employee's wages - up to a level of €410. From 4 May, different rates apply depending on previous levels of net weekly income. From 29 May, a change was made to accommodate the salaries of those who have returned to work after a period of maternity or adoptive leave and who may not have been on the payroll of their employer on 29 February, or been paid in either January or February 2020; requirements for qualification for the scheme. The amendment will be legislated for later in the year as part of the usual Finance Bill 2020 process, but in the interim, Revenue has agreed that this provision will be implemented from 26 March, where applicable. As part of the 'July Stimulus' package of measures (announced on 23 July 2020), a new Employment Wage Subsidy Scheme succeeds the Temporary Wage Subsidy Scheme (which terminated 31 August 2020) and runs until April 2021. Employers whose turnover has fallen 30% will receive a flat-rate subsidy of up to €203 per week per employee, including for seasonal staff and new employees. New firms operating in impacted sectors will also be eligible.The Scheme is expected to support around 350,000 jobs into the beginning of 2021. On 20 October 2020, the Cabinet approved revisions to the rates paid under Employment Wage Subsidy Scheme (EWSS) to encourage retention of staff by employers, aligning the rates payable with PUP. On 6 January 2021, it was confirmed that the current rates of subsidy provided by the EWSS will remain in place until 31 March 2021, aligned with the extension of the rates of the Pandemic Unemployment Payment (PUP). | ||||
28/03/2020 | Tax reliefs | Households | Defer stamp duty payment of €30 on credit cards | ||||
29/04/2020 | Direct grants | All non-financial sector | COVID-19 Online Retail Scheme administered by Enterprise Ireland and open to retailers employing over 10 people. Max. grant of 80% of project costs/€40k. Phase 1 total of €2m,Phase 2 of €5.5 million. Online Trading Voucher Scheme accessible through Local Enterprise Offices also offers small businesses the opportunity to develop their website or digital marketing strategy by availing of vouchers of up to €2,500 or 90% of eligible expenditure (costed at €39.8m). | ||||
31/03/2020 | Public guarantees | Non-financial corporations | Offers a partial Government guarantee (currently 80%) to participating banks (AIB, BOI and Ulster Bank) against losses on qualifying loans of up to €1m with terms of up to seven years to eligible SMEs.Guarantee provided to each bank is subject to a 13% portfolio cap. Costed at €150m. | ||||
28/08/2020 | Public guarantees | Non-financial corporations | A €2 billion COVID-19 Credit Guarantee Scheme to support lending to SMEs for terms ranging from 3 months to 6 years, which will be below market interest rates. The scheme will provide an 80% guarantee on lending to SMEs until the end of this year, for terms between 3 months and 5.5 years.The size of the loan is linked to business turnover (25% of 2019 turnover) or wage costs (double annual wage bill in 2019). The borrower and lender (banks/credit unions/non bank finance providers) must demonstrate that the loan is compliant with this. Extends existing guarantee scheme. The Credit Guarantee (Amendment) Act 2020 was signed into law on 24 July 2020 but commenced 28.08.2020. Can be used to refinance other COVID-era loans. Budget 2021 provided €25 million to meet liabilities in the first full year of the new COVID Credit Guarantee Scheme. The Scheme was extended to 30/06/20201 on 24/11/2020. | ||||
13/03/2020 | Tax deferrals | Non-financial corporations | Application of interest on late payments suspended for January/February VAT and both February and March PAYE (Employers) liabilities. All debt enforcement activity was suspended until further notice. On 2 May 2020, the government announced further debt warehousing of certain PAYE (Employer) and VAT debts due from 1 March to the date when sectoral restrictions are lifted and a reduced interest rate for certain outstanding 'non-COVID-19' tax debts., for a period of 12 months. Costed at €2bn. As part of the 'July Stimulus' package of measures (announced on 23 July 2020), in order to provide support to taxpayers experiencing difficulty with tax liabilities, the interest rate applying to agreed repayments of all tax debt (where agreement has been reached prior to 30 September 2020) will be reduced to 3%. As part of Budget 2021,the debt warehousing scheme will also be expanded to include taxpayers who self-assess for income tax and are unable to pay their income tax liabilities 2019 and Preliminary Tax 2020 due to COVID-19. If income for 2021 is also at least 25% lower than income for 2019, the balance of 2020 income tax and preliminary tax for 2021 can also be warehoused. | ||||
13/03/2020 | Private moratoria | All non-financial sector | The five retail banks are introducing measures to help businesses and personal customers whose personal and business circumstances have been impacted by the Covid-19 crisis including implementing a payment break up to six months for business and personal customers affected by Covid-19, to be followed by ongoing reviews depending on the scale and extent of the situation. Customers wishing to avail of a payment break are asked to contact their respective bank.The country’s main credit servicing firms and non-bank mortgage lenders have also confirmed their intention to support the range of measures announced by the country’s main retail banks. Court proceedings are also adjourned for three months. | ||||
27/03/2020 | Direct grants | Households | COVID-19 Pandemic Unemployment Payment is a social welfare payment of €350 a week for employees and self-employed people who have lost all their employment due to the COVID-19 (coronavirus) pandemic.From 29 June), a revised payment structure was introduced to link the Pandemic Unemployment Payment level to prior earnings; From 16 October 2020, the weekly rates are €350 for those that previously earned >€400 a week, €300 for those that previously earned >€300 but < €400 a week, €250 for those that earned between €200 and €€300 a week and €203 for those that previously earned less than €200 a week. From 1 February 2021, the weekly rates will be reduced for those previously earning above €300 a week to €250 a week, and for those previously earning between €200 and €300 a week to €203 per week. The payment will close to new applicants at the end of 2020 and payment will end on 1 April 2021. Budget 2021 announced a Christmas Bonus of 100% to be paid on an exceptional basis this year to recipients of the Pandemic Unemployment Payment and equivalent recipients of Jobseeker’s Payments who have been on these payments for four months or more (expected additional cost of €350m).Furthermore, from 16 October 2020, people who were earning €400 or more will get a PUP rate of €350. | ||||
22/05/2020 | Direct grants | Other | €30m Rural Development Investment Programme, including a) €10m Outdoor Recreation Infrastructure to support tourism and community wellbeing, b) €15m Town and Village Renewal Scheme, for economic recovery in rural towns and villages, and c) €5m CLÁR Programme - funding for small scale infrastructural projects in rural areas. In addition to the €30m, on 19 June,new applications for €1 billion Rural Regeneration and Development Fund were called for, to be disbursed over 10 years. Initial funding of €315 million was allocated on a phased basis over the period 2019 to 2022. | ||||
06/05/2020 | Direct grants | Other | €35m COVID-19 Stability Fund for Community and Voluntary, Charity and Social Enterprises, who have seen their trading and/or fundraising income drop significantly during the crisis, involving one-off cash injections of between €2,000 and €200,000 to qualifying organisations. | ||||
15/04/2020 | Direct grants | Non-financial corporations | Early commencement of GLAS balancing payments worth €26m to farmers. GLAS PLUS payments commenced on 16 April, a month ahead of schedule. | ||||
12/06/2020 | Direct grants | Non-financial corporations | €50m package of support for beef finishing farmers who finished cattle during the period from 1 February to 12 June 2020 impacted by the economic effects of the Covid-19 pandemic. Subject to a limit of 100 animals per herd. Based on estimates of eligible animals, a rate in the region of €100 per animal will be payable. | ||||
04/06/2020 | Direct grants | Non-financial corporations | New grant scheme of up to €200m aimed at facilitating the research and development of COVID products (Measure 1), to enable the construction or upgrading of testing and upscaling infrastructures that contribute to the development COVID-19 relevant products (Measure 2), as well as to support the production of products needed to respond to the outbreak (Measure 3). €25m allocated to COVID-19 Products Schemes as of end December 2020 (via IDA and Enterprise Ireland) and an addtional €10m allocated to the scheme as of 09/02/2021. | ||||
10/06/2020 | Direct grants | Non-financial corporations | €75m funding package ( of which €18.375m Reopening Grants; €14.2m Capital Grant;€32.8m Temporary Wage Subsidy Scheme) to facilitate the reopening of childcare facilities from 29 June. | ||||
19/06/2020 | Direct grants | Non-financial corporations | €70m grant for the sports sector, to be distributed by way of four sperate schemes administered by Sport Ireland. | ||||
25/06/2020 | Direct grants | Non-financial corporations | €12m scheme funding max €1k grant for self-employed coming off pandemic unemployment payment scheme but not eligible for restart grants or other business supports. School meal scheme extended until end of August 2020. | ||||
26/06/2020 | Direct grants | Non-financial corporations | Emergency provision aimed at ensuring the continued operation of essential licensed bus services for a period of up to six months. The support package will be restricted to operators where a clear public interest justification supports such intervention and will be targeted at compensating the gap between specified costs and revenues generated on the services (the details of which will be established in contracts between the National Transport Authority and the relevant operators). Grant aid available of up to €500k per operator. | ||||
17/04/2020 | Direct grants | Non-financial corporations | €72.5m Temporary Assistance Scheme to support private and voluntary nursing homes with additional costs due to coronavirus (COVID-19). There are two component parts of the Scheme which are integrated: | ||||
23/07/2020 | Other measures of fiscal nature | Households | As part of the 'July Stimulus' package of measures (announced on 23 July 2020),a €200m investment in training, education, skills development, work placement schemes, recruitment subsidies and job search and assistance measures, will help those who have lost their jobs find a new one, retrain, or develop new skills, in particular for emerging growth sectors. This package will include 10,000 additional places on work placement and experience schemes available for those unemployed for over 6 months, 12,500 additional places funded through the Training Support Grant for short term skills training, an Apprenticeship Incentivisation Scheme which will provide a €2,000 payment to support employers to take on new apprenticeships in 2020. | ||||
01/08/2020 | Tax reliefs | Households | As part of the 'July Stimulus' package of measures (announced on 23 July 2020),a new Stay and Spend Incentive will see any taxpayer spending over €625, on accommodation, food and nonalcoholic drinks, between October 2020 and April 2021, able to claim up to €125 through a tax credit. | ||||
23/07/2020 | Direct grants | Non-financial corporations | As part of the 'July Stimulus' package of measures (announced on 23 July 2020),a €10 million Restart Fund for the Tourism sector is also being introduced, along with a €5 million pilot Performance Support Scheme for the culture sector to assist planning for events in the context of Covid-19. | ||||
01/08/2020 | Tax reliefs | Non-financial corporations | As part of the 'July Stimulus' package of measures (announced on 23 July 2020), various additional tax reliefs have been introduced for companies and the self employed. The early carryback of trading losses will be allowed, leading to an immediate refund of some or all of corporation tax paid. There will also be a new income tax relief for self-employed individuals who were profitable in 2019 but, as a result of the Covid-19 pandemic, incur losses in 2020. There will be a 6-month reduction in the standard rate of VAT from 23% to 21%, effective from the beginning of September. | ||||
23/07/2020 | Tax reliefs | Households | As part of the 'July Stimulus' package of measures (announced on 23 July 2020), additional support will be given to the already existing 'Help to Buy' scheme, namely its extenision to December 2020 and an increase in the maximum amount to €30k, which is expected to cost €18m. This scheme is designed for first-time property buyers in order to help them source a deposit to buy or build a new house or apartment. Participants in the scheme get a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years.In Budget 2021, this Scheme has been extended until 31 December 2021. | ||||
01/08/2020 | Tax reliefs | Households | As part of the 'July Stimulus' package of measures (announced on 23 July 2020), an increased allowable expenditure has been permitted under the 'Cycle to Work' scheme (€1000=€1500 for e-bikes; €1250 for other bikes) | ||||
23/07/2020 | Direct grants | Other | As part of the 'July Stimulus' package of measures (announced on 23 July 2020), an additional €500m will be provided to accelerate capital works across a wide range of areas, including: €113 million for active travel, public transport and renewal of transport infrastructure; €100m investment in the Energy Efficiency National Refit Programme; €75m for works for primary and secondary schools etc. The Government is also committing to increase capital expenditure by 12% in 2021 to €9.1bn. | ||||
23/07/2020 | Direct grants | Non-financial corporations | As part of the 'July Stimulus' package of measures (announced on 23 July 2020), the Government is also taking steps to prepare the economy for the challenges and opportunities of that the future will bring. This includes: €25m investment in R&D and production of medicinal products in Ireland that are used in the fight against Covid -19; €10 million in funding for the Seed and Venture Capital sector; €10m in funding for a Green Enterprise Fund to support business in green R&D, innovation, capital investment etc; An additional €30m was allocated in Budget 2021 to the Scheme to the Covid Product Scheme in Budget 2021. | ||||
12/08/2020 | Direct grants | Non-financial corporations | new €12m Enterprise Centre Fund to help both not-for-profit and for-profit enterprise centres whose income has been significantly impacted by the Covid-19 pandemic (part of the government’s July Stimulus package). Grant funding of between €10,000 and €150,000 is available. The grants will help them implement a recovery plan to reboot their centres over the next six to twelve months. | ||||
28/08/2020 | Direct grants | Non-financial corporations | €16m package for pubs, bars and nightclubs.40% Restart Grant Plus Top Up for pubs, bars and nightclubs that remain closed to help them to reopen, including waiver of court fees and associated excise and stamp duties relating to the renewal of pub and other liquor licences in 2020 and waiver of excise duty on on-trade liquor licences on renewal in 2020 | ||||
18/08/2020 | Direct grants | Non-financial corporations | New €26million COVID-19 Adaptation Fund to help tourism and hospitality businesses offset some of the costs incurred in adapting their premises or operations for re-opening. The Fund is being administered by Fáilte Ireland and applications are open until October 31st. | ||||
13/10/2020 | Other measures of fiscal nature | Households | A Contingency Reserve to meet additional costs that may arise over the course of the year in schools, health service, further and higher education sectors and in respect of Social Protection and homelessness supports. | ||||
13/10/2020 | Other measures of fiscal nature | All non-financial sector | A new scheme for businesses which closed because of Covid-19 will provide a maximum of €5,000 per week. The Government will make a payment based on 2019 average weekly turnover. The scheme is effective from 13 October 2020 until the end of March next year, with the first payments in mid-November. The compensation scheme is not exclusively aimed at the hospitality sector but its businesses are expected to be prominent among applicants. The Scheme applies for areas subject to anti-virus restrictions at Level 3 or above. Businesses benefiting from CRSS for the weeks of 28 December 2020 and 4 January 2021 will receive a double payment up to a maximum of €5000 | ||||
13/10/2020 | Tax reliefs | Non-financial corporations | A reduced VAT rate for the hospitality and tourism sector, down from 13.5% to 9% | ||||
09/02/2021 | Direct grants | Non-financial corporations | COVID-19 Business Aid Scheme (SBASC) providing grants to businesses ineligible for the government’s other existing schemes designed to help with fixed costs. Wholesalers, suppliers, caterers and events companies down 75% or more in turnover will benefit. | ||||
11/02/2021 | Direct grants | Non-financial corporations | €55 million Tourism Business Continuity Scheme to help tourism businesses offset fixed costs incurred in 2020 and support them to continue operating through 2021. Phase 1 begins 11/02/2021. Tourism transport operators such as car rental companies, chauffeur and limousine businesses and escorted tour providers will be eligible to apply for funding under the next stage of the Tourism Business Continuity Scheme, for which applications will open on 8/4/2021. | ||||
18/03/2020 | CCyB | Banking sector | Reduction of CCyB from 1% to 0% | ||||
18/03/2020 | SyRB | Banking sector | The Minister has decided to defer the introduction of the Systemic Risk Buffer. | ||||
16/04/2020 | Reporting requirements | Banking sector | Statement linked communicates supervisory flexibility in respect of prudential reporting, Pillar 3 disclosures and potentially, Risk Mitigation Programme deadlines. Confirms targeted reporting/information may be requested from banks. Confirmed in August 2020 that further supervisory flexibility around Risk Mitigation Programme deadlines is not foreseen. | ||||
16/04/2020 | Reporting requirements | Other | The Central Bank wrote to all credit unions on 16 April 2020, applying a degree of supervisory flexibility in relation to certain prudential reporting remittance and disclosure deadlines. The letter also sets out how firms might seek flexibility in Risk Mitigation Programme submission dates. Confirms targeted reporting/information may be requested from credit unions. | ||||
16/04/2020 | Reporting requirements | Securities and markets | Allows flexibility in respect of prudential reporting remittance dates for investment firms, fund service providers and investment funds and possible flexibility in respect of Risk Mitigation Programme deadlines. It also clarifies supervisory expectations as regards deadlines for the submission of assurance reports in respect of investment firms and fund service providers’ arrangements for the safeguarding of client assets or investor money and postpones the Central Bank's regular assessments of the domestic regulatory policy framework in respect of securities markets, investment management activities and investment firms. Confirms targeted reporting/information may be requested from investment firms, fund service providers and investment funds. | ||||
18/02/2021 | Dividend distribution policy | Insurance sector | In line with EIOPA statement dated 2 April 2020, its press release entitled “EIOPA outlines key financial stability risks and vulnerabilities for insurance and pension sector and recommends that any dividend distributions should not exceed thresholds of prudency”, published on 18 December 2020 and ESRB Recommendation ESRB/2020/15, the Central Bank sets out supervisory expectation in respect of payment of distributions by (re)insurance undertakings until at least 30 September 2021. | ||||
24/03/2020 | Reporting requirements | Insurance sector | The Central Bank wrote to all (re)insurance firms and Special Purpose Reinsurance Vehicles on 24 March 2020, applying a degree of supervisory flexibility in relation to certain prudential reporting remittance and disclosure deadlines. The Statement also sets out how firms might seek flexibility in Risk Mitigation Programme submission dates. Confirms targeted reporting/information may be requested from (re)insurance undertakings. | ||||
27/03/2020 | Other measure | Insurance sector | Sets out supervisory expectations that a) Insurers must put forward consumer-focused solutions on policy payment breaks, rebates and claims, b) if there is a doubt about the meaning of a term, the interpretation most favourable to the consumer should prevail; and c) CEOs of Irish authorised firms must take responsibility for the oversight of how their firm is managing determinations of whether claims are covered or not in the context of COVID-19. | ||||
28/04/2020 | Other measure | Banking sector | Statement linked informs banks that they may use CET1 used to meet P2G and CBR for lending/loss absorption purposes and may operate temporarily below the 100% LCR. Updated in August 2020 to provide forward guidance on the earliest date by which P2G and LCR might be expected to be rebuilt. | ||||
18/02/2021 | Dividend distribution policy | Banking sector | The supervisory expectations contained in ECB Recommendation ECB/2020/62, the EBA's press release on dividend distributions, share buy-backs and variable remuneration of 15 December and ESRB Recommendation ESRB/2020/15 have been extended to LSIs by the Central Bank. | ||||
27/03/2020 | Other measure | Households | Legislation introduced providing for a moratorium on notices to leave rental accommodation, a moratorium on rent increases for the duration of the COVID-19 pandemic and an increase in the notice period for tenancies of less than six monthsfrom 28 to 90 days. Following extension and then expiry on 2 August 2020, this legislation was replaced by new rental laws that apply until 10 January 2021. Under the Residential Tenancies and Valuation Act 2020, landlords can now serve tenants with a notice of termination for the normal reasons but not for rent arrears caused by COVID-19. The moratorium on rent increases is continued.The Residential Tenancies Act 2020, signed into law on 24 October 2020, temporarily prevents the eviction of residential tenants (in all but exceptional cases) from taking place during Level 5 restrictions (the 6 week period of Level 5 restrictions which commenced at midnight 21 October 2020 and any any other period during which a 5 kilometre restriction on movement is in place (i.e. future level 5 restrictions), plus a further 10 day period following the lifting of restrictions. | ||||
10/04/2020 | Other measure | Non-financial corporations | Measures for business customers include; reduced premiums for business customers to reflect reduced level of exposure as a result of Covid-19 restrictions for EL / PL and Commercial Motor; renewal flexibility; maintenance of existing cover where the premises is closed or unoccupied; support change of use during Covid19 crisis. On 27 October Insurance Ireland members announced the continuation of forbearance measures to help customers following the Government’s decision to move to Level 5 Covid-19 restrictions, as follows; Measures for personal customers include flexibility for customers in financial distress; no cancellation fees or missed direct debit fees; continuing extension of cover for home working; priority for HSE staff; Measures for business customers include working with policy holders who need to adjust their premiums for EL/PL and Commercial Motor for the periods they are not trading; renewal flexibility; maintenance of existing cover where the premises is closed or unoccupied; supporting requests for a change of use during the Covid-19 crisis. | ||||
18/03/2020 | Other measure | Households | Increase contactless card limit from €30 to €50 | ||||
28/03/2020 | Other measure | All financial sectors | Various policy statements and measures announced by the EBA, ESMA, EIOPA, ESRB, ECB and FATF have been inputted into/supported by the Central Bank. | ||||
29/05/2020 | Other measure | Other | Extension of the current arrangement in relation to the filing of annual returns until 31st October 2020. The Registrar had announced in March that all annual returns due to be filed by any Company between 18th March and 30th June 2020 would be deemed to have been filed on time if all elements of the annual return were completed and filed by 30th June. Filing obligations will be deemed to have been met provided that all elements of the relevant returns have been submitted by the aforementioned dates. However, entities are encouraged to file as normal during this period if in a position to do so. In October 2020, the Registrar of Companies decided to extend the filing deadline for companies with an Annual Return Date falling on 30 September 2020 or later. Any company with an Annual Return Date of 30 September 2020 or later will be deemed to have filed on time if all elements of the annual return are completed and filed by 26 February 2021. | ||||
05/08/2020 | Other measure | Insurance sector | The Central Bank has published a 'Business Interruption Insurance Supervisory Framework'. The Framework sets out the Central Bank’s expectations of insurance firms in handling COVID-19 related business interruption insurance claims. Where customers have an entitlement to claim under a business interruption insurance policy, the Central Bank expects that claims will be processed and paid promptly and fully. Where cover and related issues are disputed, the Central Bank expects firms to pay the reasonable costs of customer plaintiffs in agreed test case litigation. | ||||
01/08/2020 | Dividend distribution policy | Securities and markets | In line with ESRB Recommendation ESRB/2020/15, all MiFID investment firms and market operators are asked to exercise prudence in distributing. All MiFID investment firms which are subject to CRD IV/CRR and designated as “Medium-High” or above under the Central Bank's Probability Risk Impact System (PRISM) should engage with their supervision team, in good time before proceeding with any distribution (including creating a new obligation to pay variable remuneration to a material risk taker). Additionally MiFID market operators designated as “Medium-High” or above under PRISM should also engage with their supervision team, in good time before proceeding with any distribution. | ||||
18/02/2021 | Other measure | Insurance sector | Publication of a 'Business Interruption Insurance Supervisory Framework' that sets out the Central Bank of Ireland’s expectations of insurance firms in handling COVID-19 related business interruption insurance claims. Where customers have an entitlement to claim under a business interruption insurance policy, the Central Bank of Ireland expects that claims will be processed and paid promptly and fully. Where cover and related issues are disputed, the Central Bank of Ireland expects firms to pay the reasonable costs of customer plaintiffs in agreed test case litigation.The Central Bank will continue to monitor any ongoing litigation, arbitrations, FSPO complaints and settlements in relation to Business Interruption Insurance policies concerning COVID-19 related claims. The Central Bank requires that, where individual outcomes arise that have the potential to beneficially impact customers more widely, that firms will apply the outcome to those customers. | ||||
21/08/2020 | Other measure | All sectors | The Companies (Miscellaneous Provisions (COVID-19) Act 2020 amends the Companies Act 2014 for a temporary period up to 31 December 2020 (subject to possible extension)to allow companies to remain compliant during Covid-19. The main changes relate to document execution, general meetings, creditors meetings, period of court protection from creditors for examinerships and adds a new statutory fiduciary duty on directors. Similar amendments were also made to the Industrial and Provident Societies Act 1893. Duration extended to 09/06/2021 on 17/12/2020. On 14/12/2020, the Finance (Miscellaneous Provisions Bill) 2020 was passed which gives Credit Unions discretion fto convene wholly or partly virtual Annual General Meetings (AGMs). The legislation has extended the date by which Credit Unions can hold their AGMs, from the end of January to April 2021 | ||||
12/10/2020 | Other measure | Banking sector | Credit institutions under the Central Bank’s direct supervision may exclude certain central bank exposures from the leverage ratio. This decision by the Central Bank follows the Governing Council of the ECB's determination, as monetary authority of the euro area, that exceptional circumstances exist that permit the temporary exclusion of certain exposures to central banks from the leverage ratio’s total exposure measure in view of the Covid-19 pandemic. | ||||