Business
Bank of Queensland warns investors of major loan impairments – Sydney Morning Herald
The Bank of Queensland has increased its provision for loan impairments as it braces for higher unemployment, property price falls and a longer recession.
On the most severe scenario, weighted by the bank as having a 5 per cent probability, GDP could contract by as much as 9 per cent, unemployment would reach 12 per cent and commercial property prices would fall by 20 per cent this year.
Chief executive George Frazis said he was pleased that a quarter of BOQ customers who applied for loan relief had started making full or partial repayments.
“As we all know, this has been an unprecedented year and BOQ is committed to supporting our customers thr…
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