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)

Thu, 10 Nov 2022

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...

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