Wednesday, 21 January 2015 15:18

ANZ announces assistance package

Written by 
ANZ managing director commercial & agri Graham Turley ANZ managing director commercial & agri Graham Turley

ANZ has announced an assistance package for farmers affected by extreme dry conditions across much of New Zealand’s east coast.

 Many areas, including Canterbury, have experienced "severely dry" conditions over the past two months compared with the long-term average, according to NIWA.

“The Big Dry is affecting areas which haven’t experienced extreme conditions like these for many years, so for a lot of farmers this is new territory,” says Graham Turley, ANZ Bank’s managing director commercial & agri.

“We recognise the challenges and anxiety this is creating for farmers, which have been exacerbated by forecast low dairy payouts. We’re offering targeted assistance, recognising that the situation may require more complex solutions for some.”

The options available to affected farmers through ANZ are:

·       Suspending loan principal repayments

·       Waiving fees associated with restructuring business loans considered necessary due to impacts of extreme weather

·       Waiving fees for term finance and investments, which improve performance and the ability to respond to climatic variation in future years

·       Waiving the interest rate reductions associated with accessing funds on term deposits ahead of maturity date

·       Providing access to discounted short-term funding to help farmers get through the immediate challenges while also protecting their long-term productivity

ANZ is encouraging farmers to act early and engage advisors to develop a plan, including working with accountants to produce cash forecasts and consulting with banks on funding requirements.

 “The impacts of drought are not just financial. We also appreciate the stress created for some customers and encourage them to communicate regularly with their family, advisors and support networks,” says Turley.

 

 

More like this

Forecasts steady as demand holds

Banks are mainly holding firm on their forecasts of $7/kgMS despite last week’s flat Global Dairy Trade result – a small decline of 0.4% in the overall price index.

Limbo causes drop in confidence

An air of uncertainty hangs over the whole agri sector, says the ANZ’s managing director of commercial and agri, Mark Hiddleston.

$7 payout still on the cards

Economists are still sticking to a 2019/20 season forecast of around $7/kgMS despite the 3.8% drop in the Global Dairy Trade overall price index last week.

 
 

» The RNG Weather Report

» Latest Print Issues Online

The Hound

No idea!

This old mutt was flabbergasted at the reaction by some mainstream (lamestream) media to the news that Todd Muller would…

Good point

A mate of the Hound’s, recently back home in Wakefield, Nelson following a month in Christchurch for medical treatment, reckons…

» Connect with Rural News