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Govt to set up NZD $6.25 bn business financing guarantee scheme

New Zealand (NZ) Finance Minister Robertson announced on Tuesday, the government will set up NZD $6.25 bn business financing guarantee scheme.

Further comments

Retail banks have agreed to provide mortgage repayment holiday scheme for those affected by COVID-19.

Govt to carry 80% of the credit risk for scheme while remainder will be carried by banks.

Reserve bank has agreed to reduce banks’ core funding ratios from 75% to 50% to help make credit available.

 

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