Global trade war 'bad news for NZ'
A global trade war beckons, which is bad news for a small open economy like New Zealand, warns Mark Smith ASB senior economist.
ASB announced yesterday that it would offer support to customers who have been impacted by the severe weather events in the Nelson, Tasman and West Coast regions.
The bank says it is offering tailored packages, including the suspension of home loan repayments and emergency overdraft facilities for personal, business and rural customers.
ASB South Island regional manager Martin Gay says the bank is working hard to support customers who may require emergency financial assistance as a result of this week’s weather events.
“We know the situation throughout the country is likely to get worse before it gets better and there will be a lot of concerned customers out there. ASB is here to help with our teams on standby to talk through our range of relief options to best suit our customers when they’re ready.
“Those affected by flooding and other weather damage may have a long road ahead and we hope these measures will help to alleviate some pressure so they can focus on more immediate tasks at hand,” Gay says.
Meanwhile, Westpac is offering a similar package, including a deferred payment on business credit cards for up to three months and a suspension of principal loan payments for up to three months.
Westpac NZ general manager of consumer banking and wealth, Ian Hankins says the bank’s key focus is on ensuring staff and customers are safe and well-supported.
“The extreme weather we’ve seen in these regions has been destructive and our thoughts are with everyone affected,” Hankins says.
“Customers can have peace of mind that we will be there to provide them with support options so they can focus on looking after each other and their property in the meantime.”
ANZ’s managing director for business Lorraine Mapu says the banks thoughts are with the people of the Nelson/Tasman community as they grapple with the weather.
“We know those farms and businesses impacted by heavy rain and flooding will be focused on repairing damage and ensuring their livestock are safe,” she says.
The bank will be offering targeted assistance, including short-term funding to assist with unexpected costs, and the suspension or reduction of principal loan repayments.
Mapu says that where customers meet hardship circumstances, notice period requirements and interest rate recovery costs associated with early access of term deposit funds will be waived.
The bank will also waive fees associated with the restructuring of business loans considered necessary due to the impacts of the weather.
“Business and agri customers impacted by flooding should speak to their relationship manager to discuss the impact on their business and their funding requirements,” Mapu says.
