BNZ to access $2.1b of RBNZ's cheap funding

BNZ to access $2.1b of RBNZ's cheap funding
CEO Dan Huggins said BNZ is using cheap Reserve Bank funding to support farmers. (Image: BNZ)
Jenny Ruth
Bank of New Zealand is planning to draw down the maximum amount it is entitled to under the Reserve Bank’s funding-for-lending (FLP) programme before the scheme ends on Dec 6.Chief executive Dan Huggins told BusinessDesk his bank will have drawn down $2.1 billion out of the total available of about $28b by the end of the FLP.BNZ, which is owned by National Australia Bank, has drawn down $1.4b from the scheme so far, with its last drawdown being $700 million on Oct 17.The bank is planning to use the funding to help support farming customer...

More Finance

Greenslade to step down as Heartland announces Aus leadership
Finance

Greenslade to step down as Heartland announces Aus leadership

Heartland expects to complete the Challenger Bank acquisition by April 30. 

Staff reporters 08 Apr 2024
Suncorp flicks Asteron Life for $410 million
Finance

Suncorp flicks Asteron Life for $410 million

The NZ insurer will continue to operate as a standalone brand.

Staff reporters 04 Apr 2024
Fintechs don’t want Payments NZ in charge of open banking
Finance

Fintechs don’t want Payments NZ in charge of open banking

They say a divorce from the API Centre would avoid any chance of a conflict of interest.

Ben Moore 04 Apr 2024
How to give your portfolio a good cleanout
Finance

How to give your portfolio a good cleanout

Investors should review their goals and strategies around tax time each year.