Business Desk
Government to private sector: please pay your bills faster
18/05/2020
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.
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Stuff
Pay small businesses as soon as possible, Government urges big business
18/05/2020
“We’re pleased to make this commitment to support New Zealand businesses. It’s another way in which we’re supporting our economic recovery.”
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Banks commit to pay suppliers faster
18/05/2020
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...
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NBR
Prepare for negative rates, banks warned
13/05/2020
“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.”
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Interest.co.nz
RBNZ says banks haven’t been lending heaps partly because some businesses don’t want more debt… yet
13/05/2020
The NZBA reported banks provided $7.6 billion of “new” business lending to 13,432 customers between March 26 and May 13.
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NZ Herald
Mortgage wars: NZ’s largest bank offers home loan under 3 per cent
11/05/2020
Last week, the New Zealand Bankers’ Association said 105,035 loans worth a total of $36.9b had been reduced or had payments deferred on them.
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Business Desk
Banks have lent only $23m of the govt’s $6.25b business lending scheme
07/05/2020
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.”
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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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