Westpac extends aid to business borrowers

Westpac chief executive Gail Kelly says that the Westpac/St George Banks will extend the mortgage and loan assistance package for unemployed people to its small and medium sized business customers. Banks and the government announced on Sunday that they would provide repayment holidays of up to 12 months and other waivers to mortgagees who become unemployed.

Kelly said Westpac and St George would be extending the assistance to business customers and adding new capacity to support business customers. Kelly denied that the assistance would delay the surfacing of bad debts or add to the long term debt burden of embattled small businesses saying provisions would be tailored to suit individual customers.

Source: The Australian Financial Review