The Licensed Vintners Association (LVA) has welcomed the announcement by AIB and Bank of Ireland of measures to help pubs in the wake of the coronavirus crisis.
The LVA held meetings/conference calls with the CEOs and other senior management executives of AIB and Bank of Ireland over the course of St. Patrick's Day and Wednesday March 18.
The LVA said that both banks were understanding of the crisis facing pubs and have brought forward supportive measures that will assist pubs in this period.
The two banks have indicated that, on a case by case basis, they will offer LVA members access to emergency working capital facilities and an initial three month repayment holiday. These will be reviewed as the situation develops.
The LVA is urging all of its members to engage directly with their banks immediately to work through this process.
Working Together "To Overcome This Crisis"
LVA chief executive Donall O’Keeffe commented, "We would like to thank AIB and Bank of Ireland for their rapid, early engagement at this time of crisis. They completely accepted the extreme difficulties facing the pub sector and the new market reality. The LVA, our members and the banks will work together to overcome this crisis for the duration of the closure period and into an eventual recovery."
The LVA added that it is continuing to engage with other businesses and interests on behalf of its members, and that it will provide further updates as they arise.
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