17 April 2020
The Covid-19 pandemic is impacting us all. We understand many of you are feeling stress and anxiety and we want to assure you that we are here to support you through this time.
are part of your community. We are working hard right now to ensure your payments
go through, your money is safe, and you can get the support you need.
support the bold actions taken by the government and the Reserve Bank so far.
They have helped free up the financial system so we can focus on dealing with
the crisis. They are supervising the banking system closely to make sure it is
doing what it is designed to do – absorb economic shocks.
extraordinary times and we are stepping up to the challenge. We have many tools
to help people and we are prepared to use them. These include lower interest
rates and fees, deferring loan payments, and more business loans. We’ll
tailor help to meet your specific needs wherever we can.
focused on those who need help most, and will work with the Banking Ombudsman
and other organisations to support people in vulnerable situations.
We’re taking on our share of the financial burden facing New
Zealand. We’ve stopped paying dividends to our shareholders and are sharing the
load in other ways too. We know we will be judged on how we respond when you need us.
We want to be clear about what
we’re doing to support New Zealand‘s people and businesses at this time.
Since March 26th over
40,000 of our customers have reduced their repayments on loans totalling $14
billion. A similar number have deferred all repayments on loans totalling $14.5
billion. We have also provided $2.1 billion in new lending to our personal
Through a special government partnership
we have another $6.25 billion to lend to businesses. In addition to the
government scheme we’ve also offered $5.3 billion in new lending to nearly
10,000 business customers.
We will publish regular updates
of this data, plus more information as it becomes available, on the New Zealand
Bankers’ Association website so you can see for yourself exactly what we are
Zealand’s banks are very strong, with liquidity and capital at levels above the
minimum required, and well above those at the start of previous crises. We are
determined to use that strength, not just to ensure that the financial system
keeps operating efficiently through the Covid-19 crisis, but to help you, our
customers, and the New Zealand economy, get through and recover from it.
in touch with your bank if you need help.
He waka eke noa.
How you can help us to help you
visit a branch unless absolutely necessary – use the website or the app
us early to discuss how your business is going
extra vigilant – fraudsters are using the pandemic to prey on people.