“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 business customers with cash flow issues, as a result of the Coronavirus outbreak, should contact their 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.”
The bank also outlined a range of additional support mechanisms it 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.
Danske Bank CEO Kevin Kingston
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