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

Extraordinary's pre-tax public transport perks for workers
Finance

Extraordinary's pre-tax public transport perks for workers

Wayne Brown has endorsed a new way for employers to cut commuting costs.

Oliver Lewis 16 Jun 2025
Lenders referring borrowers in trouble to non-profit services
Finance

Lenders referring borrowers in trouble to non-profit services

Financiers pushing KiwiSaver withdrawals rather than acting responsibly, advisers say.

Maria Slade 13 Jun 2025
Mainland Capital delivers $50m raise for Chch hospital expansion
Finance

Mainland Capital delivers $50m raise for Chch hospital expansion

The oversubscribed raise will help fund a new state-of-the-art private hospital facility.

Oliver Lewis 13 Jun 2025
FNZ employee shareholders told success more likely
Finance

FNZ employee shareholders told success more likely

Account show loss at global fintech widens. 

Victoria Young 05 Jun 2025