Virgin Money is providing £ 726 million to help tackle potentially troubled loans

Lender Virgin Money has a total of $ 726 million for 2020.

The UK’s sixth largest lender, led by Irishman and former AIB boss David Duffy, was formed to challenge the dominance of more conventional and larger banks in the region.

It announced on Tuesday that it would be the 31st.

Payment holidays

“The vast majority of people – be they credit cards or personal loans – who are on payment leave have resumed their payments. And we didn’t see any material loss or impairment in the ledger, ”Mr. Duffy told Reuters. “But we are still cautious because we have not yet seen the consequences of the pandemic and that will be more visible later.”

Mr Duffy said he expected the real impact of the pandemic on customer finances to become more apparent in the second half of this year and the first half of 2022 when government pandemic assistance programs end.

Virgin Money also saw its loan portfolio decline 0.3 percent to £ 72.2 billion in the first quarter as new coronavirus restrictions put pressure on customers’ borrowing. – Reuters

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