Banks ready to support customers through tough times

In response to the Reserve Bank governor’s recent comments about banks supporting households and businesses in the face of an historic rise in the official cash rate, New Zealand Bankers’ Association chief executive Roger Beaumont says:

“Our banks are ready to support customers who are doing it tough because of the rising cost of living and other economic headwinds. If you’re experiencing financial difficulty, it’s important to speak to your bank as soon as possible. The sooner you talk to your bank, the more likely they’ll be able to help.

“Our banks are well-placed to support New Zealand households, businesses, and the economy through the difficult times ahead. They are well capitalised and are regularly stress-tested by the Reserve Bank.

“Depending on your circumstances there are a number of ways in which banks can help people facing financial difficulty. Your bank can work with you to develop a plan to suit your needs. Our banks are here to help.”