This morning, CEOs of the member banks met with Treasurer Josh Frydenberg to discuss the strength of the economy, and banks' responses to the coronavirus (COVID-19).
Australian Banking Association (ABA) chief Anna Bligh said banks are ready to provide financial support to customers who are suffering from the virus.
“Banks stand ready to support customers and if anyone is in need of assistance, they shouldn’t wait but come forward as soon as possible," she said.
“In particular any business financially impacted by the effects of COVID-19 should contact their bank to be assessed on a case by case basis to access the assistance on offer."
Such relief depends on individual circumstances, but could include:
- A deferral of loan payments
- Waiving fees and charges
- Interest-free periods or no interest rate increases
- Debt consolidation to help make repayments more manageable
Customers who may be suffering from coronavirus are urged to get in contact with their bank's hardship team to discuss options.
ABA chair and Commonwealth Bank CEO Matt Comyn said he has faith in the banks' abilities to cope with the potential economic fallout of coronavirus.
“Australia has a very strong financial system with banks that are well-capitalised and have strong balance sheets," he said.
“Banks have supported the country through difficult times in the past and continue to do so. We are very much open for business."
Previously, banks have offered similar assistance to those who were impacted by bushfires in late 2019 and early 2020.
ABA has of 22 members across Australia, including AMP, ANZ, Bank Australia, BOQ, Bendigo and Adelaide Bank, Commonwealth Bank, Citigroup, ING, Macquarie, NAB, Suncorp, Westpac and more.
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