We are working with our customers but there has to be a limit for the loan relief package – Saud Minam

ANZ Fiji Country Head Saud Minam says they are working with their customers who are facing major difficulties in making repayments for their loans but there has to be a limit for the loan relief package for principal and interest deferment.

He says it can be a six months or 12 months package and they will discuss further on this issue at the right time.

Minam says these are unprecedented times and this is why they are not going straight into mortgage sale and will work their customers to work out the tolerance level for both, the bank and their customers.

Minam says they will go through the process of contacting their customers who had taken loan relief package for principal and interest deferment in April and May this year and will get an update on their financial situation.

He says six months is a short term and they need to look at how they will manage these customers once the six-month term comes to an end.

Minam says decisions will be made on a case to case basis.

We have also questioned ANZ on why customers are being asked to deposit $5,000 to open a small business account as these are difficult times and this requirement makes it harder for people wanting to start a small business.

When questioned on why ANZ has not made changes to its requirements for opening a small business account although the government is urging people to start their businesses which can result in employment opportunities for people and more circulation of money in the economy, Minam says they will look into it.

Meanwhile Minam also confirms that may look at decreasing interest rates for lending at some point in time and this will be for all their customers which includes existing customers who have taken loans from ANZ.

He says this could be done as liquidity is high, interest rate for deposits are coming down and maturities are coming in.