The Finance Minister is meeting with bank chiefs today to discuss how the sector is responding to the crisis.
A major surge is expected in bad loans as many businesses go under and homeowners struggle to pay their mortgage.
It's understood the country's 5 main banks will discuss a plan to address the financial impact on customers, which may include a three month freeze on mortgage payments on business loans.
Fergal O’Brien from IBEC believes the government needs to treat this as seriously as the bank bailout:
