BNZ backs businesses and customers in Canterbury

Media Release

For immediate release

6 September 2010

BNZ backs businesses and customers in Canterbury

Beyond BNZ’s Million Dollar fund the bank has set up a range of initiatives to support customers and rebuild businesses impacted by the earthquake.

BNZ CEO Andrew Thorburn says the package “includes waiving penalty interest fees for late credit card payments and suspending home loan repayments for up to 90 days.

“Our priority has been to keep our banking network operational and now we need to let our customers know that we are working hard to give them the support they need to get back on their feet.”

The bank’s ‘Customer Support Package’, to provide flexibility and assistance in customers’ finances, is in addition to the Bank of New Zealand’s ‘Million Dollar Plus Earthquake Recovery Programme’.

The Customer Support Package can include:

For BNZ Partners' clients (Business, agriculture, property and private clients):

• Up to $500,000 temporary overdraft limit for 90 days subject to insurance

• Up to $100,000 temporary overdraft limit for 90 days to cover other short term funding

• Suspension of loan repayments for 90 days

• All fees and margins waived for temporary funding

• Waiver of early withdrawal costs for term deposits

For Retail and Small Business customers:

Housing and small business loans:

• $10,000 temporary overdraft limit for 90 days maximum, subject to insurance, at an interest rate of 5%.

Credit card customers:

• Waive the penalty fees on late credit card payments for those customers who are unable to make a deposit.

• Temporary overdraft facility for 90 days to a maximum of $5,000 or double their existing credit card limit, whichever is lower. This will be at the normal interest rate cost.

Customers without lending:

• Customers who only have deposit funds with BNZ can have access to a $5,000 temporary overdraft facility.

“We’ve already donated $250,000 to the Salvation Army and $250,000 to the Red Cross who are working locally to supply practical and immediate support and have allocated a further $250,000 to the Mayoral Fund “

“We’ve just sent down 12,000 bottles of water to 3 BNZ store locations and are working with Foodstuffs locally to provide food vouchers,” Thorburn says.

The BNZ says for specific details on how they can assist, please contact your BNZ Partner, visit your nearest store or call 0800 275 269. Small business customers can contact 0800 BNZ SME.

Continuously updated information BNZ services can be viewed at bnz.co.nz

Summary of the ‘Million Dollar Plus Earthquake Recovery Programme’:

• A one million dollar donation comprised of;

• $250,000 donated to the Salvation Army

• $250,000 donated to the Red Cross

• Foodstuffs vouchers

• Assistance package for customers

• Assistance package for staff

• Five additional days paid volunteer leave over the next three months to work in the community.

Continuously updated information BNZ services can be viewed at bnz.co.nz

ENDS

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