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ASB Offers Support To Drought-affected Customers

Wednesday, 4 March 2020, 1:49 pm
Press Release: ASB Bank

ASB is supporting its farming customers affected by drought and unseasonably dry conditions, offering tailored packages including principal relief on lending, no fees on new working capital if required, as well as up to $100,000 overdraft at a reduced interest rate on that facility.

ASB executive general manager business banking Tim Deane says the bank is working closely with its customers during what, for some communities, is a difficult and stressful time.

“Parts of New Zealand are experiencing unseasonably dry conditions, or even an official drought as is the case for Northland, South Auckland and Waikato.

“These conditions can be extremely challenging for our farming customers, and we know this impact often continues long after the rain has arrived,” says Deane.

“Many of our customers have worked hard to reduce debt over the past 12 months so will be in a stronger position going into the drought.”

“Regardless however, there will be challenges as there always are when extreme weather conditions are at play. We encourage our farmers to get in touch with their Rural Manager early to start working together on the solution that's right for them,” says Deane.

ASB will support its customers on a case-by-case basis through a range of measures, including:

· Up to four months principal relief on all existing lending

· Up to $100k Overdraft at a reduced interest rate

· No fees on any new working capital facility required

“We hope this support helps ease some of the pressure over this period, and we can come out the other side with farming businesses, families and communities ready to move forward,” says Deane.

For more information please visit www.asb.co.nz

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