Info from Danske Bank
Please see below detail on a range of coronavirus support measures that we have put in place for our business customers.
Kevin Kingston last week met with the Chancellor of the Exchequer and the Governor of the Bank of England. Later today he will meet Economy Minister Diane Dodds MLA
On the Coronavirus outbreak, Kevin Kingston said:
“At Danske Bank we have established a number of dedicated teams who are actively monitoring and communicating with customers, colleagues, government, regulators and industry.
“The Bank’s senior management team has been meeting, and will continue to meet, every day to solely focus on our response to the ongoing challenges.
“Be assured that, as the biggest bank in Northern Ireland, we will be steadfast and resolute in our determination to support customers and the wider NI economy.”
Danske Bank - Supporting NI Business
Business customers with cash flow issues, as a result of the Coronavirus outbreak, should contact their Danske relationship manager or small business adviser as soon as possible.
Danske Bank has the commitment and the capacity to support our business customers affected by Coronavirus. In many cases we believe that the quickest support mechanism may be temporarily increased overdraft facilities, which can provide incremental short term liquidity.
There is a range of possible additional support mechanisms we can consider for business customers, including:
- Deferral of facility repayments
- Extending existing working capital facilities to support short term cash flow needs
- Using Overdrafts as a tool for introducing additional liquidity
- Invoice Finance as a tool to provide additional working capital requirements
- Financing assets through the use of Asset Finance agreements and rescheduling existing Asset Finance Agreements
- The UK Government recently announced the introduction of a Coronavirus Business Interruption Loan Scheme, which will temporarily replace the Enterprise Finance Guarantee (EFG). Danske Bank will work with the government to deliver this as quickly as possible.
We have also established a business organisation liaison team, led by one of our most experienced business bankers, Robert McCullough, and we are keen to engage with you going forward should you have issues to raise on behalf of your members. Please arrange this via Simon Little