Bank of New Zealand is anticipating a $20 million charge because of the magnitude 7.1 earthquake in Christchurch on September 4.The charge is part of its collective provisions. The unit of the National Bank of Australia made customer assistance packages a
Bank of New Zealand is anticipating a $20 million charge because of the magnitude 7.1 earthquake in Christchurch on September 4.
The charge is part of its collective provisions. The unit of the National Bank of Australia made customer assistance packages available when they opened for business on September 6.
The bank said it has continued to support customers in testing times.
"I was proud of the way the bank pulled together to support and assist both staff and customers in the region," chief executive Andrew Thorburn said.
In addition to a million dollar package of direct support BNZ has provided more than $3m in lending at cost to help businesses and personal customer's recovery, he said.
Commenting on overall asset quality, the bank said it was closely monitoring its lending portfolio to ensure that risk settings are managed dynamically in the uncertain environment.
When asked if banks were requiring engineering reports for new lending in Canterbury the bank said its lending processes had not changed but properties were required to have insurance.
