Business
ANZ Bank prepares for ‘second wave’ of distress in 2021 – Sydney Morning Herald
ANZ Bank’s Shayne Elliott says the lender is preparing for a much larger number of financially distressed customers next year as government support is removed.
While there were currently low numbers of companies being wound up, or individuals facing financial strife, he said this was because government support and banks’ temporary loan deferrals had bought time.
Mr Elliott said one concession was that interest rates were very low, which meant it was less costly for the bank and borrowers to defer their loans temporarily. “We can afford to buy time. We can afford to be a bit more sensitive than we might not otherwise be,” he said.
ANZ group executive …
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