Loan guarantee scheme to aid recovery from NI weather events

Emergency management minister Kieran McAnulty visiting a relief centre in Hastings. (Image: Getty)

Thu, 29 Jun 2023

The government is underwriting bank loans to firms “highly affected” by the North Island weather events and will provide concessionary finance to those unable to secure commercial lending.A formal government inquiry reviewing the response to the weather events led by former governor general Jerry Mateparae was also announced on Thursday.Loan guaranteesThe loan guarantee scheme, which is expected to be in place by the end of July, will mean the crown carries 80% of the credit risk on covered loans, allowing banks to reduce interest r...

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