Our banks played a role as part of the ‘team of five million’ coordinated response. Working with the government, the Reserve Bank and credit reporting agencies, banks moved quickly to offer loan repayment deferrals and reduced loan repayments for customers financially affected by the pandemic. That provided immediate relief for many. Around $70 billion in household and business loans had all repayments deferred or reduced. Most of those loans are now back to normal repayments, thanks to the ‘NZ Inc’ response to the pandemic and consequently better-than-expected economic conditions.