Media Releases

Media Releases

Banks commit to pay suppliers faster

- New Zealand’s banks are committing to paying suppliers of goods and services within two weeks. This initiative matches the government’s target for public sector agencies to pay 95% of invoices from New Zealand-based businesses within 10 working days. “The economic impact of the Covid-19 pandemic means that many small and medium-sized businesses now need good... Read more »
Media Releases

Loan data correction

- The New Zealand Bankers’ Association has discovered and corrected a reporting error in lending data published on its website. The error relates to data classification and resulted in some movement, both up and down, across the data categories. Of particular interest, banks have lent $5.9 billion in new loans to business since 26 March instead... Read more »
Media Releases

Loan relief offered for small businesses

- New Zealand’s retail banks are offering a range of relief options to small business customers financially affected by the Covid-19 pandemic, including interest-only loan repayments or temporarily deferring all loan repayments in some cases. “There are many small businesses that are being severely impacted by Covid-19. Quite a few of them are sole traders. They... Read more »
Media Releases

Mortgage deferrals will not affect customer credit ratings

- Anyone who has deferred their mortgage repayments for up to six months because they are financially impacted by Covid-19 will not have their credit rating affected as a result of the deferral, provided they were not in arrears before the pandemic. Banks have agreed this initiative with credit reporting agencies. New Zealand Bankers’ Association chief... Read more »
Media Releases

Banks offer six month mortgage repayment deferrals

- New Zealand’s retail banks are offering to defer repayments for all residential mortgages for up to six months for customers financially affected by Covid-19. “We know that some customers are already being financially impacted by Covid-19 and have an immediate need. That’s why the banking industry as a whole is stepping up with this further... Read more »
Media Releases

Banking services open during level 4 lockdown

- All key banking services will remain available to customers during the alert level 4 lockdown the New Zealand Bankers’ Association confirmed today. “During the lockdown banks will balance managing public health requirements with the need to keep essential banking services available,” says New Zealand Bankers’ Association chief executive Roger Beaumont. “Cash will be available at... Read more »
Media Releases

Banking sector prepared for responding to COVID-19

- New Zealand banks are ready to respond to the impacts of coronavirus, the Reserve Bank of New Zealand and New Zealand Bankers’ Association say. The COVID-19 outbreak has the potential to impact the operations of New Zealand’s banking sector by affecting banks’ staff, their funding and their customers. The Reserve Bank has asked all banks... Read more »
Media Releases

Coronavirus affected customers urged to talk to their bank

- The New Zealand Bankers’ Association is encouraging businesses and individuals financially affected by coronavirus (Covid-19) to talk to their bank. “We’re aware that some businesses, particularly small to medium sized ones, are being financially impacted by this unfolding global issue. The same may apply to individual customers working in sectors directly affected. Banks can offer... Read more »
Media Releases

New fund to get advice for struggling farmers is now open

- A new initiative funded by banks and the government offering support for farmers struggling with farm debt is now up and running.  The government has allocated $200,000 for the Farm Business Advice Support Fund, to be managed by Rural Support Trusts. For a qualifying farmer the fund will provide up to $6,000 to pay for... Read more »