Tuesday, 03 September 2024 14:25

Heat on banks

Written by Milking It

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OPINION: Milking It understands the parliamentary inquiry into banking is already having an impact.

Reports are coming in of some South Island farmers being offered loans with interest rates of 5.7% and 5.8%. Just for context, most farmers are on interest rates over 8%.

Whether the banks are feeling the heat or it's just a public relations exercise remains to be seen.

Federated Farmers says the banks have a long way to go before they earn back the trust of farmers.

A Federated Farmers survey shows that farmers' satisfaction with their banks has dropped to its lowest levels since their surveys began in May 2015. Six years ago, around 80% of farmers were satisfied with their bank, but that number has since plummeted to just 51%.

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