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The National has today reiterated its commitment to supporting Australian agriculture through the drought at a meeting with Deputy Prime Minister John Anderson and other bank representatives. The National's General Manager Agribusiness Mike Carroll said that the National will work with the Deputy Prime Minister and all levels of government in support of farmers. "From the customer's perspective, banker support at the individual level is the most valuable response to the drought situation," Mr Carroll said. "The National has already begun spending over $3 million earmarked for additional personnel dedicated to working with agribusiness clients. Our agribusiness specialist staff numbers will increase by 35 to around 520 by early next year. "These additional resources will enable us to respond to clients' needs more quickly and flexibly at this time when many farmers are in need of more individual attention than usual.
"In addition, smaller-scale initiatives and donations to local organisations across Australia are being arranged to make a difference at the grassroots level. "Tomorrow, for example, the National is co-ordinating and paying for the transport of 350 tonnes of hay donated by farmers in the Warrnambool area to those hit by drought in the Lower Goulburn system. "Most importantly, we are encouraging customers to talk to their Agribusiness Manager concerning the financial facilities they might need now before the financial pressure of the drought tightens further. There is a range of options we are continuing to discuss with clients, including: - Restructuring loans to reduce or defer repayments
- Providing carry-on finance to cover cashflow shortages
- Utilising other strategies such as drawing on Farm Management Deposits or other investments
"To support our customers we are continuing to provide ongoing concessions on loan fees where customers are experiencing exceptional circumstances, holding risk margins on loans at current levels and waiving withdrawal penalties for early withdrawal of term deposits. "This is not the first drought The National has been through in 150 years of agribusiness banking and won't be the last. The National will be doing the best it can to support its customers through it."
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