ANZ has announced it will donate AUD $50,000 to Red Cross in the Cook Islands for relief and recovery efforts and a range of assistance for customers impacted by last week's cyclone.

Tropical Cyclone Pat hit the Southern Pacific Islands late last week, causing extensive damage and destruction. Up to 90 per cent of homes in Aitutaki were reportedly severely damaged.

ANZ has a strong presence in the Cook Islands and is committed to supporting the communities and its customers by the cyclone.

ANZ CEO Jenny Fagg said "Villages in Aitutaki have been severely affected by the cyclone. We understand this is a very difficult time and we want to help support customers and local businesses get back to business as usual for the good of the whole community."

Assistance will be tailored to meet the needs of individual customers on a case by case basis and may include:

* Interest-only repayments for business and personal loans for up to three months;

* Waiving fees associated with restructuring business loans or new lending considered necessary due to cyclone impacts;

* Waiving early withdrawal costs for term deposits;

* Consider temporary adjustments to customer lending limits to assist with unexpected costs arising from the cyclone; and

* Waiving fees associated with replacement of damaged business EFTPOS/credit card terminals.

"We also hope the donation to Red Cross provides some practical help with relief efforts on the ground," said Jenny Fagg.