- “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.”
- New Zealand Bankers Association (NZBA) chief executive Roger Beaumont said industry feedback had led to the changes and he welcomed Treasury simplifying some rules.
- “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.”
- NZBA chief executive Roger Beaumont issued a statement saying the scheme was a risk sharing one and that if a borrower defaulted, the banks were required to take steps to recover the money.
- The New Zealand Bankers Association said banks had lent businesses $5.9 billion in new loans since March 26. These are loans outside the BFGS because the final deed on the scheme was signed two weeks after the official announcement was made.
- More than 100,000 households are now seeking some form of mortgage relief, according to the latest data from the New Zealand Bankers Association. New figures show 49,821 borrowers have deferred all loan payments under the six month mortgage holiday scheme.
- 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 »
- 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... Read more »
- 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.
