Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


ANZ announces farm flood assistance package


ANZ Bank New Zealand Limited
Media Release
16 July 2014


ANZ announces farm flood assistance package


ANZ today announced an assistance package to help dairy farmers in flood-hit Northland meet short-term cash requirements and get their farms back to full production.

To meet the short-term needs of farmers, ANZ will offer a capped interest rate at 5.95% for the first 60 days on the additional seasonal limit. This compares to the usual base rate of 8.15%.

To get farms back to full production, ANZ would make $10 million in Pasture Productivity lending available to Northland dairy farmers to help them re-establish damaged pasture.

The loan was originally designed to ease the financial barriers to investing in pasture for red meat farmers. “Given the severe weather impacts in Northland in recent weeks, we will make it available to Northland dairy farmers for the first time,” said Graham Turley, ANZ Bank’s Managing Director Commercial & Agri.

The package offers an interest rate of 4.75%* p.a. (floating) with a maximum loan amount of $100,000. The maximum loan term is five years, principal reducing, and there are no establishment fees.

The Government yesterday declared a medium-scale adverse event for the primary sector in storm-hit Northland. Flooding is expected to have a serious impact on pasture on some farms heading into spring calving.

“Like any business that’s impacted by an unexpected and adverse event, the effects won’t just be felt locally, but right through the economy,” Mr Turley said.

“At the farm gate, the priority is to ensure that production resumes and pasture health is restored. We are offering farmers a package of options to help meet their short-term cash requirements and re-establish their farms to full performance.

“As New Zealand’s largest rural lender, we’ve been alongside our farm customers during good weather and bad for over a century.”

* Rate current at 16 July 2014. Interest rates are subject to change.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Bad Day For Rope: Donaghys Job Losses Another Blow To Dunedin

The loss of 30 jobs from Donaghys rope and twine factory is yet another blow to the people and economy of Dunedin, says Dunedin South Labour MP Clare Curran. More>>

ALSO:

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

WWF Report: Solutions In Reach; World Biodiversity Suffers Major Decline

Global wildlife populations have declined by more than half in just 40 years as measured in WWF's Living Planet Report 2014. Wildlife's continued decline highlights the need for sustainable solutions to heal the planet... More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news