NBR
Covid-19 loan scheme for SMEs a flop
29/04/2020
In making loans under the Business Finance Guarantee Scheme the banks were bound by the terms set by the Treasury, Bankers Association chief executive Roger Beaumont said. “The rules require banks to have customers provide security for loans under the scheme. Banks are responsible lenders. The loans are not intended to fail, which is why...
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Stuff
Coronavirus: Spraying a bit of cash around will help tackle Covid-19 disruption – but not yet, economist says
23/04/2020
“However, banks have quite independently loaned $6.9 billion to business customers in the four weeks since March 26.”
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Newshub
Coronavirus: Banks accused of refusing to lend money to tourism businesses desperate for finance
22/04/2020
Banks say they’re here to help but can’t help every business in every sector. “If the business case doesn’t stack up or isn’t justifiable, well that’s when it gets really hard and really challenging,” said New Zealand Bankers’ Association chief executive Roger Beaumont.
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RNZ
Covid-19: Banks boost loans to small, medium businesses
22/04/2020
The Bankers’ Association said so far $28.9 billion worth of new loans or restructured loans had been agreed with close to 36,000 customers.
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TVNZ
Banks lend more than $6.3 billion to businesses to help them survive lockdown
21/04/2020
As businesses around the country race to prepare for life under Covid-19 Alert Level 3, 1 NEWS can reveal since the lockdown started banks have lent more than $6.3 billion to businesses.
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Stuff
Reserve Bank prepares to axe loan-to-value restrictions for home-buyers
21/04/2020
“This proposal would also add to the range of support our banks are already offering affected customers to help them get through. For example, banks have to date allowed around 100,000 customers reduce repayments on loans worth $33 billion, and completely defer repayments on loans worth $17 billion.”
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NBR
Firms urged to go back to banks for loans
21/04/2020
“The fact that banks have lent $5.5b to businesses since we went into lockdown clearly shows they’re lending where they can. They still need to be responsible lenders and not everyone looking for a loan will meet the lending criteria,” Beaumont said. None of that $5.5b loaned by banks since March 26 forms part of the...
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NZ Herald
Covid 19 Coronavirus: Banks to charge as little as 0.8% on govt-backed business loans
20/04/2020
Data released by the New Zealand Bankers’ Association yesterday showed that since the lockdown began on March 25, the nation’s trading banks had provided 13,559 businesses with new loans totalling $5.5 billion, moved to either interest only or reduced principal repayments and interest on $17.4 billion of existing loans to 13,549 businesses, and that a...
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NBR
Reserve Bank to drop LVR loan limits
20/04/2020
The New Zealand Bankers’ Association welcomed the move, and said it lined up with other Reserve Bank initiatives to free up the financial system at this extraordinary time.
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Stuff
Loan repayment ‘holidays’ top 100,000, but home loan ‘discounts’ disappear
20/04/2020
Banks have collectively agreed to a massive programme of loan repayment “holidays” for customers, and have so far allowed over 100,000 household and business borrowers to make reduced repayments on their loans, or temporarily stop making repayments altogether.
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