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NZBA welcomes farm debt mediation announcement

Contributor:
Fuseworks Media
Fuseworks Media

The New Zealand Bankers’ Association today welcomed the government’s announcement that it will introduce a bill to set up a farm debt mediation scheme.

"Banks are responsible lenders that take a long-term view to the rural sector. They know the vital role farmers play in the economy and that it’s important they succeed," says New Zealand Bankers’ Association deputy chief executive Antony Buick-Constable.

"Rural bank managers work closely with farmers facing financial challenges on a case-by-case basis to see how they can work together through any issues. This was the situation during the last dairy downturn and the current mycoplasma bovis outbreak.

"The industry supports farm debt mediation to provide clarity and another option for farmers.

"Last year NZBA began developing an industry-led farm debt mediation scheme but it was overtaken by the government’s proposed initiative, which we support in principle.

"We look forward to seeing the bill and to getting a mediation scheme in place."

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