- Help could include providing access to short-term funding; reducing or suspending principal payments on loans and temporarily moving to interest-only repayments; help with restructuring business loans; and consolidating loans, the New Zealand Bankers’ Association said.
- Bankers’ Association chief executive Roger Beaumont said customers financially affected by the virus, particularly small- to medium-sized businesses, should contact their bank.
- “Each bank will have their own credit policies and approach to providing assistance. It’s important for affected customers to talk to their bank as soon as possible. That gives banks the best chance of offering assistance.”
- RBNZ and bank lobby group NZBA have issued a joint statement in response to mounting concerns about the health and economic impacts of the global coronavirus outbreak.
- New Zealand Bankers’ Association chief executive Roger Beaumont says there is a recognition it’s in everyone’s best interest for a farmer to have up-to-date business and financial plans.
- “It’s not a concern about any significant uplift in farmers in distress. No bank wants to see any business fail. To put it into perspective, there are about 52,000 farms and there are fewer than 10 mortgagee sales a year,” Beaumont said.
- “There’s a recognition it’s in everyone’s best interest for a farmer to have up-to-date business and financial plans,” said New Zealand Bankers’ Association chief executive Roger Beaumont.
