The heads of AIB, Bank of Ireland, KBC, Ulster Bank and Permanent TSB have agreed a three month suspension of mortgage and business loan repayments for customers affected by Covid-19.
It follows a meeting with Finance Minister Paschal Donohoe today where they discussed how they can assist people financially impacted by the virus.
The banks have also agreed that any Covid-19 applications for a payment break will not adversely impact on credit records and court proceedings will be deferred for 3 months.
Landlords whose tenants are impacted financially may also qualify for a break from repayments.
Contactless payments are to increase from €30 to €50 to help people avoid cash.
Stamp duty on credit cards will be suspended until July 1st.
Industry representative bodies estimate that up to 340,000 bar, restaurant and retail workers will have lost their jobs by the end of this week.
