Banks plan for arrears; retailers push to open; and watchdog counts Covid cost

Banks are writing to write to borrowers who have availed of payment breaks during the Covid-19 crisis, urging those who feel they will not be able to return regular payments after a six-month pause to engage on finding longer-term solutions at the prodding of the Central Bank, writes Joe Brennan.

And retailers have urged the Government to accelerate the reopening of the economy by allowing all shops to reopen from June 8th, as long as they have prepared measures to operate under social-distancing measures. Mark Paul reports.

As the economy moves carefully back to normality, Ireland’s budgetary watchdog has said the incoming government faces the prospect of having to push through almost €11 billion of spending cuts and tax increases to balance the books of Ireland Inc, writes Joe Brennan. But first we need a stimulus programme that could cost €10 billion, the Irish Fiscal and Advisory Council says.

In a separate report, the National Competitiveness Council says Ireland is “particularly exposed” to the global economic disruption of the coronavirus pandemic, with both households and businesses likely to struggle under existing debt. Colin Gleeson has the report.

In Europe, the Commission will this morning set out its proposals on a recovery package for pandemic ravaged economies. The big question is how to balance loans and grants in a package likely to hit €1 trillion, Naomi O’Leary reports, as well as keeping fiscal hawks onside.

More Covid-19 fallout as insurance company FBD said it had received more than 700 claims from customers seeking compensation under business interruption cover and expressing confidence in its position ahead of a court challenge of its refusal to pay out.

Camile Thai Kitchen boss Brody Sweeney sees opportunity for his brand in shuttered bars and restaurants with professional cooking facilities that are lying idle. Mark Paul has the details,

And workers at semi-state company DAA stand to get up to two years’ wages in voluntary redundancy payments as the airports group bids to cut up to 1,000 jobs, writes Barry O’Halloran.

Away from Covid news, the owner of printing business Reads is seeking a High Court injunction against the Goodman-controlled landlord of its Dublin city-centre premises in a row over access to the property.

Ronald Quinlan reports that developer Pat Crean’s Marlet Property Group has secured a €33 million financing facility with AIB to fund the construction of up to 142 apartments on a site it owns in Dundrum, south Dublin.

And Johnny Ronan is considering a plan for the development of a new boutique hotel in Dublin’s north docklands in a move that would see him demolish a row of five terraced houses on Upper Mayor Street.

Finally, Ryanair says it will challenge a ¤9 billion government bailout of German rival Lufthansa, the Irish carrier confirmed on Tuesday. And, in his column, Barry O’Halloran examines why the Irish airline is so exercised of the help extended to rivals and assesses what the medium-term future for aviation might be.

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