Read More: Bank of Ireland: Green Recovery Measures
While the European Commission’s latest forecast expects Ireland’s economy to shrink by 8.5% this year, the Irish economy is reopening faster than planned. On July 2, 2020 the Bank of Ireland outlined its plan to support the country’s economic recovery after COVID-19, which focuses on homebuilding, green investment, and local businesses. The Bank aims to encourage homeowners and businesses to improve their energy efficiency and will make an additional EUR 1 billion available for green mortgages, loans, and interest rate discounts over the coming year through its Sustainable Finance Fund.
The Bank is also increasing residential development lending to support homebuilding. In the meantime, it will implement initiatives to support local businesses and communities through the Bank of Ireland’s “Begin Together” program and inject an additional EUR 1 million in funding over the coming months. The Bank has already supported the transition to a sustainable economy in the past as evidenced by its launch in 2019 of green mortgages and loans to encourage energy-efficient homes and businesses.