Rabobank announces flood help for ag customers

Rabobank provides flood finance support for ag customers

Agribusiness
Flooded farmland in the Manning Valley near Taree. Picture: Marina Neil

Flooded farmland in the Manning Valley near Taree. Picture: Marina Neil

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Rabobank is deferring loan payments and waiving break fees on term deposit withdrawals to help flood affected customers

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Rabobank has told its agribusiness clients it will offer a range of support measures to farmers and others adversely impacted by floods and torrential rainfall in NSW and Queensland.

Emergency measures include deferring scheduled loan payments; waiving break costs on early redemption of farm management deposits; waiving fees on loan increases necessary for rebuilding operations, and waiving charges for equipment finance contract variations.

Rabobank group's Australian country banking executive Marcel van Doremaele said early indications were damage from the current extreme eastern states rainfall event was, so far, primarily in coastal NSW regions.

Most notable had been the Mid North Coast, where there were reports of some livestock losses, flooded paddocks, fodder crop and fencing losses.

"As well as the devastating impact this rainfall event has had on communities in northern NSW and southern Queensland, there are concerns about damage to agriculture, particularly on the NSW Mid North Coast," he said.

"We are keeping a close watch on the evolving situation.

"We are continuing to make contact with clients in impacted areas to offer support and gauge the extent of any damage they have sustained."

The bank would work directly with clients whose farms or agribusinesses had been impacted to provide support through immediate difficulties and offer a range of assistance measures in applicable circumstances.

Any farming clients who had been impacted by the floods and had not yet spoken to the bank were being asked to contact their local branch or phone Rabobank on 1800 025 484.

Mr van Doremaele noted heavy rainfall was also forecast for the North West and Western NSW this week, with heavy falls also being experienced in South East Queensland.

"While we hope good rainfall totals will be largely welcomed by producers in a number of those areas, there is the concern that excessive volumes could be damaging," he said.

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The story Rabobank announces flood help for ag customers first appeared on Farm Online.

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