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Banks support WA during energy crisis
Sydney, 1 July, 2008: The Australian Bankers’ Association (ABA) today reminded residents of Western Australia that special emergency relief packages are available for bank customers affected by the Varanus Island gas plant explosion and called on them to contact their bank immediately if they are in financial trouble.
David Bell, Chief Executive of the ABA, said: “ABA members are providing financial support to customers facing financial difficulty as a result of the crisis.
“During this difficult time banks are committed to helping relieve the burden on those WA residents who are suffering financially by taking additional steps to assist those in difficulty.”
Assessments will be made on a case-by-case basis but the steps may include:
- Deferring repayments on home loans for up to three months;
Loan restructuring for businesses with existing loans without incurring the usual bank establishment fees;
- Temporary adjustment to customer lending limits, including credit cards, for customers of good standing to assist them with unexpected costs;
- Waiving interest penalties for affected customers needing to withdraw term deposits; and
- Fast tracking general insurance claims.
“There are financial counsellors who may be able to assist people whose financial problems involve more than just difficulties with their bank facilities,” Mr Bell said.
“Banks are committed to supporting the people of WA during this crisis and will respond sympathetically to requests for financial hardship assistance from affected residents.
“But the single most important thing is that residents contact their bank at the first sign of financial trouble. The sooner a customer contacts their bank, the more options there are available to them,” added Mr Bell.
For further information:
Ric Shadforth
ABA Public Relations
Phone: 02 8298 0411
Mobile: 0409 989 585
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