Sustainability @ ANZ

Impaired loans and the role of banks

Impaired loans and the role of banks

In our submission to an Australian Parliamentary inquiry into banks’ rural lending practices, we discuss how ANZ seeks to support its customers “through the cycle”.

Legal action to recover debt is always a last resort and we aim to work with our customers to explore options available to them. Our submission notes some of the actions we have taken to assist rural customers in financial difficulty.  This includes our drought support measures that placed a 12 month moratorium on farm repossessions in the drought declared regions of Queensland and North-West New South Wales.

We also recognise that there are times when our actions fall short of both our own and our customer’s expectations.  In respect of our 2010 acquisition of Landmark Financial Services’ loan and deposit books, we acknowledge that some former Landmark customers could have benefited from further and more detailed communication explaining what ANZ’s acquisition meant to them and outlining what changes they should expect in the management of their accounts by ANZ.

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