Coronavirus | Ulster Bank

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Coronavirus (COVID-19)

We're here to support your business

Important Update from Ulster Bank

We understand that these are uncertain times, and many of you may be worried. We want to assure you that looking after our customers and colleagues is our number one priority, and we are closely following advice from Government and the relevant authorities to make sure that we are prepared.

If you’re concerned about being affected financially or being unable to get to the bank due to coronavirus (COVID-19), we’re here to help. We will use this page to let you know of what help and support is available, and to give you updates on our services.

The European Banking Authority (EBA) have currently set a deadline of the 30th September 2020 for first payment break requests to be received and processed by all Banks.

If you haven’t yet requested a payment break and you think you will have difficulty meeting your repayments due to COVID-19, please contact us as early as possible in September, but no later than 30th September 2020.

This will allow us sufficient time to process your request for a COVID-19 payment break. Further instructions on how to progress are detailed within the Ulster Bank support available tab below.

 

Short-term financial support

Capital or Full Payment Break on your loan for 3 months

As part of the measures to help you during this unprecedented time we are putting in place a process to allow you to apply for a payment break on your Business Loan Account for an initial period of 3 months. 

 

There are two options available:

1.     A Capital Payment Break (interest only repayment) or

2.     A Full Payment Break (neither capital nor interest paid)

 

Interest will continue to accrue and be payable on your Credit Facilities and charged quarterly in accordance with the existing terms and conditions which currently apply to your Credit Facilities. 

 

If you select option 2 you won’t pay any interest on your loan during the period of the break but the interest will still accrue.

 

At the end of the payment holiday period your normal monthly repayment may be recalculated which means that your monthly repayment will be greater than it is now or alternatively the term of the Credit Facilities may be extended.  If you choose to extend the term of your Credit Facilities the amount of interest payable and amount owing on the related Credit Facility will increase.

 

The options above will be discussed in detail when we contact you in relation to your application.

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Changes to waiving of Surcharge Interest and related charges if your account goes into an unauthorised overdraft

 

We know there may be times when you may accidentally go overdrawn on your account without an agreed overdraft or exceed an agreed overdraft limit. If this happens surcharge interest and charges will normally apply as follows:

 

•  Surcharge Interest (additional 9% on top of the overdraft interest rate)

•  Unpaid Outwards Charge (€12.70)

•  Irregular Account Charge (€4.44)

 

As part of our response to COVID-19, we announced the temporary waiver of the surcharge interest and related charges detailed above on unarranged overdrafts for Business and Corporate Current Accounts from 17th April 2020 until 17th July 2020. Overdraft interest continues to be applied on all overdrawn balances.

 

From Friday 17th July 2020 the Unpaid Outwards Charge and the Irregular Account Charge will start to apply again as previously communicated on this website notice. In order to further support you, we will continue to waive surcharge interest for an additional three months. This means that on Friday the 16th October 2020 the existing Surcharge Interest (additional 9% on top of the overdraft interest rate) on your current account will start to apply again. Any unauthorised borrowing outstanding on your account will attract surcharge interest as detailed above, in addition to the standard overdraft interest rate. 

 

Please think carefully about any additional borrowing you take on and consider how you will repay it.  If you do not meet the repayments on your credit agreement your account will go into arrears.  This may affect your credit rating, which may limit your ability to access credit in the future.

 

For further information on unauthorised overdraft interest and charges, please refer to our booklet A Guide to Business Current Account Fees.

Need to speak to someone?

If you require assistance, please contact your Relationship Manager.

If you do not have a nominated Relationship Manager please call 1850 211 690.

Alternatively you could email us here to request a call back.

Please note that if you decide to call us, there will be a higher than normal call wait time, and calls may be recorded for training and monitoring purposes.  

Manage your business banking online

You can complete your online banking on Anytime Internet Banking, mobile app or Bankline*

*Criteria applies.

Did you know, there is now functionality to cancel your Direct Debits without the need to call?  Other channels include our new online form which can be accessed here, Anytime Banking or Bankline, further guidance is available on our FAQs.  If cancelling via the Online Form, the direct debit cancellation will be actioned in the next 24 hours.

You can also ring our telephone banking team if you need help getting set up on 1850 211 609 or +3531 451 3007 from outside Ireland. We’ll be happy to help.  Please note, we are prioritising help for those customers who need us the most. We are trying to keep our telephony lines open to help customers who are in an emergency situation throughout COVID-19.

 

Government support available
We are dedicated to supporting businesses affected by COVID-19. As part of the measures to help you during this unprecedented time we are working together with the Strategic Banking Corporation of Ireland (SBCI) and the Department of Business, Enterprise and Innovation(DBEI) who have announced a range of supports to help Irish businesses protect from and react to the COVID-19 pandemic.
 
  • The SBCI Future Growth Loan Scheme is available for businesses to support long term or strategic investment and capital expenditure to facilitate innovation and expansion.
  • The SBCI COVID-19 Working Capital Loan Scheme is now available for businesses that have working capital requirements as a result of the impact of COVID-19. In addition, the scheme is available to fund innovation, change or adaption of the business to mitigate the impact of COVID-19.
  • The COVID-19 Credit Guarantee scheme has been launched on the 07th September 2020 and is available to provide access to funding to support SME, Agri SMEs and Small Midcaps effected by COVID-19. The scheme will be open until the 31st December 2020.

Find out further information

 

We're here to support your business

Call your Business team or Relationship Manager on 1850 211 690

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