Finance Minister Paschal Donohoe 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 five 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.
According to RTÉ the five main banks in Ireland, AIB, Bank of Ireland, Permanent TSB, KBC and Ulster Bank, under their representative body, Banking and Payments Federation Ireland, have all come together to come up with a plan to ease the burden on bank customers.
