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

 

BusinessDesk: Weak Dairy Prices Prompt Pull Back In Fonterra Forecasts

Weak global dairy prices have prompted analysts to pull back their expectations for Fonterra Cooperative Group's payout to farmers for next season. More>>

Broadband Network: Spark Launches New, Competitive Ultra Fibre Plan Line-Up

Spark is giving customers an even more compelling reason to switch to its Ultra Fibre plans from today with the introduction of new competitive pricing for the majority of its plans (details below) and Fibre Landline (voice-over-fibre technology) for ... More>>

Employment: ANZ Proposes Casualisation In Whangarei Stores

ANZ workers in Whangarei could see their incomes drop by 20 to 40 percent if the bank’s proposal to reduce the number of full-time positions goes ahead says FIRST Union national organiser Tali Williams. More>>

Finance: BNZ Develops Specialist Tāmaki Māori Banking Team

BNZ develops specialist Tāmaki Māori Banking Team to support Māori as Auckland grows More>>

Pharmaceuticals: Commerce Commission To Consider Pharmaceuticals Merger

The Commerce Commission has received an application from Pfizer Inc. seeking clearance to acquire all of the shares in Hospira Inc. More>>

Real Estate: Housing Unaffordability Issues Spread

Surging house prices in Auckland and Queenstown last month pushed home ownership even further beyond the reach of first home buyers in the two districts, according to the AMP360 Home Loan Affordability Report for March. More>>

Statistics NZ: Annual Exports To China Dip Below Australia

The value of goods exports to Australia ($8.7 billion) surpassed those to China for the year ended March 2015, Statistics New Zealand said today. More>>

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news