ANZ says it has delivered much larger support funding under their own support package while Westpac approves $0.57 million in new facilities

ANZ has today revealed it is not offering the government’s COVID-19 recovery credit guarantee scheme as they believe customers are well supported through their existing COVID-19 support packages.

ANZ says their package has been tailored for the bank’s Fijian customer base and is not capped at $25,000 to $100,000 loans, meaning they have delivered much larger support funding to their customers under their own support package.

The bank has stated this after the Minister for Economy, Aiyaz Sayed-Khaiyum revealed in parliament that Westpac, ANZ and Bank of Baroda have not taken up this facility which has been made available through the Reserve Bank of Fiji where they lend to banks at 0.25 percent.

ANZ says it has been supporting customers in Fiji with hardship options such as payment deferrals, interest only and loan term extension, as well as having the critical conversations to ensure customers can navigate through the pandemic and become successful in the new world.

ANZ further says it has also reduced the interest rates on all lending facilities by 0.50% per annum and removed the loan administration charge in April 2020 to help customers with cash flow and repayments.

Meanwhile, Westpac says it has approved $0.57 million in new facilities under the RBF Disaster Rehabilitation and Containment Facility and it has taken the directions for the provision of these facilities seriously and in line with guidance from the Reserve Bank of Fiji. The Bank says it continues to consider requests on merits, in line with Westpac underwriting standards.

Westpac further says it continues to support customers impacted by COVID-19, and are proud to have provided the equivalent of $300 million to their customers, by way of interest only or principal and interest deferrals across the commercial and retail portfolios.

Westpac adds they encourage customers who need the support to get in touch and support will differ for customers depending on their individual circumstances. It says options may include assistance with budgeting, money management, restructuring or further bank support, which will be assessed on a case-by-case basis.

We are trying to speak to Bank of Baroda.

Under the COVID-19 recovery credit guarantee scheme, the government will pay the interest for loans for the first two years which means the businesses will not pay for the first two years.