Coronavirus: NZ Bankers Association how to bank under lockdown

coronavirus 26/03/2020

Chief Executive of the New Zealand Bankers Association Roger Beaumont tells Peter Williams how to continue banking safely during the Covid-19 lockdown.

Williams begins the interview by asking Beaumont what the condition of New Zealand banks were and if there is any fears of banks being in financial danger.

Our banks are strong and stable.

Roger assures Peter that banks are stable and that there is no fear, nor need, for a run on the banks and that banks remain the safest place for funds at the moment.

Peter then asks how sympathetic banks will be toward people who are facing financial difficulty as a result of the Covid-19 lockdown and economic fallout.

Roger confirms that banks have plans in place to provide support for those facing difficulty, stressing that the important thing is for people toget in contact with banks as soon as possible rather than wait to be contacted by the bank. 

The Government has worked with the banks to organise a 6 month loan and mortgage deferral for those impacted.

Peter then asks if banks are similarly sympathetic to businesses or if at some point will banks be forced to draw a hard line against faltering businesses.

Roger cites the Finance Minister saying that this, "is an economic crisis as well as medical", and affirms that the reality is that some businesses will have to close.

Roger confirms that ATMs are considered pat of the essential services and so they will continue to be stocked and servced, he also stresses that the healthiest way to continue banking is through online and home. 

The more you can do digitally the better.

You can listen to the full interview above.