Bank boss says relief options available

By DALE LUMA
WESTPAC bank has relief options available for customers directly affected by impacts of Covid-19 which also include loan repayment holidays.
Responding in a statement to queries from The National, Westpac PNG chief executive Brett Hooker said the bank was focused on the critical role it played in supporting Papua New Guinea at this time.
“We are now seeing the effect of the Covid-19 pandemic start to really flow through the economy,” Hooker said.
“Banks also have a critical role to play, a fact we don’t take lightly. Our message to all customers is to reach out early if they start to experience financial distress or to worry about making loan payments.
“We are here to help and loan repayment holidays are just one option.
“We can also assist customers to understand other options available so they can choose the best one to suit their business or family.
All applications are on a case by case basis, and to apply, customers should contact their relationship manager, home finance manager, or the Westpac PNG call centre.”
Hooker said a shortage of foreign exchange liquidity was also a real challenge for many of the bank’s business customers.
“The Bank of PNG is providing additional support as part of the policy response to Covid-19,” he said.
“We are seeing governments and multilateral agencies step in to assist in a number of ways so businesses and families can get through the crisis.”
Hooker said as a bank, they had their own funding liquidity strategies in place to help, and the country was looking for further support from multilateral agencies given the evolving of the coronavirus situation.
He said Westpac PNG was working with employees and stakeholders to find the best solution during this sustained crisis.
“This involves protecting our staff, helping customers and keeping our critical banking infrastructure up and running to support PNG’s financial markets and the economy,” he said.