- According to the New Zealand Bankers’ Association, banks approved repayment deferrals on $18.9 billion of consumer loans to 53,779 customers, in the nearly two months to May 18.
- The banking sector, meanwhile, is on board and committing to paying suppliers of goods and services within two weeks, New Zealand Bankers’ Association chief executive Roger Beaumont said.
- 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 »
- “Other important factors that determine retail interest rates include the cost of wholesale funding from overseas and the cost of domestic funding, which includes rates of return on retail bank deposits.”
- Beaumont said banks are “responsible lenders” and the BFGS doesn’t change that. “Businesses borrowing under the scheme still need to see a way of repaying the loan.”
- 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.
- “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.”
