NZ Herald
Mortgage wars: Banks cut rates below 3 per cent but first home buyer caution urged
07/05/2020
As of an update posted yesterday on the New Zealand Bankers Association website 105,035 loans had been reduced or payments deferred on them totalling loans worth $36.9 billion.
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NZ Herald
Slow up-take up on Govt-backed business loan scheme: just $23 million lent out of potential $6.25 billion
07/05/2020
“Because it was paid upfront the wage subsidy has meant that many businesses have not yet had the need to look for other assistance. Many businesses needing a loan so far have, for example, opted to quickly roll over short-term funding or extend overdrafts already in place with their bank.”
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Newshub
‘Strict criteria’ stops banks from helping businesses under government-backed scheme
07/05/2020
“There were quite strict criteria around who was eligible for the [Finance Guarantee] scheme.” He said banks had loaned an extra $7.2 billion outside the scheme, through other financing options.
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Business Desk
Govt’s $6.25b business guarantee better for later lending: banks
06/05/2020
“In our view, the scheme supports longer-term lending. Businesses are more likely to be confident of applying for loans under the scheme only once they have formed a clearer view of their longer-term prospects and needs,” NZBA chief executive Roger Beaumont said.
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Stuff
Coronavirus: Billion-dollar-profit banks must show they care about NZ in bad times, Shane Jones says
05/05/2020
“So far, many businesses needing a loan have, for example, opted to quickly roll over short term funding or extend overdrafts already in place with their bank.”
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RNZ
Banks defend Covid-19 response after criticism they aren’t doing enough
05/05/2020
“Since we went into lockdown on 26 March our banks have lent $9.6 billion to over 41,000 personal and business customers. This includes $6.4b in new lending to business, which is separate from the government’s shared risk Business Finance Guarantee Scheme that has a lending limit of $6.25b.
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Stuff
Government offers small firms zero and low-interest loans up to $100,000
01/05/2020
The Bankers Association responded to Robertson’s comment that banks had not met the lending expectations of the Government by saying banks had lent $6.1b to businesses since the country went into lockdown on March 26.
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Interest.co.nz
Government broadens Business Finance Guarantee Scheme substantially to include both agri and very small businesses; Also allows banks to write unsecured loans should they choose to do so
01/05/2020
“For immediate business needs, banks have lent $6.1 billion to businesses since we went into lockdown on 26 March. That’s lending outside the Business Finance Guarantee Scheme. And it’s almost as much as the total lending limit under the scheme.”
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Newsroom
Government loan scheme leaves ‘awkward middle’
01/05/2020
New Zealand Bankers Association (NZBA) chief executive Roger Beaumont said industry feedback had led to the changes and he welcomed Treasury simplifying some rules.
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NZ Herald
Covid 19 coronavirus: Government to provide $100,000 interest-free loans to businesses
01/05/2020
“We welcome Treasury simplifying their scheme rules, as a result of industry feedback. We hope this means more customers are able to participate in the scheme for their longer-term needs.”
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