People who have mortgages with the former Irish Nationwide Building Society, which became part of the now-liquidated Irish Bank Resolution Corporation, are to be given new details as to how they can make payments.

Since the IBRC was liquidated last week, it has been without a banking licence. This in turn means that direct debits that were set up by mortgage holders, and by business customers, ceased operating. It is also understood that cheque payments could no longer be processed.

Customers will be assured of no penalties for any delay in making payments arising from the disruption caused by the liquidation. Meanwhile, there is no requirement for customers to do anything in relation to the servicing of their debts.

IBRC incorporated the former Anglo Irish Bank and Irish Nationwide. Only Nationwide was heavily involved in mortgages.