Bank of NZ offers 6 percent overdrafts for drought-hit farmers

Tue, 05 Mar 2013

March 5 (BusinessDesk) – Bank of New Zealand has announced a 6 percent overdraft facility up to $100,000 for farmers affected by drought. Economists are gauging the impact of dry conditions in the North Island, which are driving up feed costs, curbing milk production and are likely to be a brake on economic growth this year. The bank’s head of Agribusiness Richard Bowman said the deal is on offer to all of its agri-customers suffering from dry weather. It is also offering $10,000 in emergency family funding. That's down from a base rate of 9...

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