- Help could include providing access to short-term funding; reducing or suspending principal payments on loans and temporarily moving to interest-only repayments; help with restructuring business loans; and consolidating loans, the New Zealand Bankers’ Association said.
- Bankers’ Association chief executive Roger Beaumont said customers financially affected by the virus, particularly small- to medium-sized businesses, should contact their bank.
- “Each bank will have their own credit policies and approach to providing assistance. It’s important for affected customers to talk to their bank as soon as possible. That gives banks the best chance of offering assistance.”
- RBNZ and bank lobby group NZBA have issued a joint statement in response to mounting concerns about the health and economic impacts of the global coronavirus outbreak.
- New Zealand banks are ready to respond to the impacts of coronavirus, the Reserve Bank of New Zealand and New Zealand Bankers’ Association say. The COVID-19 outbreak has the potential to impact the operations of New Zealand’s banking sector by affecting banks’ staff, their funding and their customers. The Reserve Bank has asked all banks... Read more »
- New Zealand Bankers’ Association chief executive Roger Beaumont says there is a recognition it’s in everyone’s best interest for a farmer to have up-to-date business and financial plans.
- “It’s not a concern about any significant uplift in farmers in distress. No bank wants to see any business fail. To put it into perspective, there are about 52,000 farms and there are fewer than 10 mortgagee sales a year,” Beaumont said.
- The New Zealand Bankers’ Association is encouraging businesses and individuals financially affected by coronavirus (Covid-19) to talk to their bank. “We’re aware that some businesses, particularly small to medium sized ones, are being financially impacted by this unfolding global issue. The same may apply to individual customers working in sectors directly affected. Banks can offer... Read more »
