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Many European governments quickly announced mortgage payment holidays as the scale of the impact that Covid-19 will have on economies across the region became clear in mid March.
Italy announced a payment holiday of up to 18 months for mortgage borrowers on March 16, followed by UK banks offering a three-month non-mandatory moratorium a day later. Ireland announced a moratorium of between three and six months on March 18, the same day as Spain announced similar measures and Canada’s six largest banks announced a six-month deferral scheme.
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