Month: April 2020

Firms urged to go back to banks for loans

“The fact that banks have lent $5.5b to businesses since we went into lockdown clearly shows they’re lending where they can. They still need to be responsible lenders and not everyone looking for a loan will meet the lending criteria,” Beaumont said. None of that $5.5b loaned by banks since March 26 forms part of the… Read more »

Covid 19 Coronavirus: Banks to charge as little as 0.8% on govt-backed business loans

Data released by the New Zealand Bankers’ Association yesterday showed that since the lockdown began on March 25, the nation’s trading banks had provided 13,559 businesses with new loans totalling $5.5 billion, moved to either interest only or reduced principal repayments and interest on $17.4 billion of existing loans to 13,549 businesses, and that a… Read more »

Reserve Bank to drop LVR loan limits

The New Zealand Bankers’ Association welcomed the move, and said it lined up with other Reserve Bank initiatives to free up the financial system at this extraordinary time.

Banks made $7.5b in new loans during lockdown

New Zealand’s trading banks have provided businesses and consumers $7.5 billion in new loans since the country went into lockdown, with 13,559 business customers lent $5.5 billion and the balance going to 21,772 consumers.