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Originally Posted by Tomtom
I'm hesitant to say that however because I'm not sure Grant Robertson would flinch at the idea of fully subsidising businesses cashflow at this point. I suspect a lot of this is aimed at being able to point at having "done something" come the next election and hoping people don't look too hard at what has been done.
And with this huge groundswell of public support they are currently enjoying, they probably think they've got the mandate to just keep pouring it in.
Last edited by Cyclical; 02-05-2020 at 09:45 PM.
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Originally Posted by percy
No1 daughter's employer has just suffered a mental breakdown.
Cause.Worry about her business surviving.Still can not open under level 3.
There will be thousands of small business owners worrying themselves sick.
Not only the employers,but all their staff.
In a couple of years time we may be able to look back, and see in hindsight, what the correct course of attention would have been.
At present time it is a dark trip into the unknown.
So true, dark time for so many with only darker times immediately ahead. Feeling so powerless to help, can only think to spend my money local, every bit helps doesn’t it?
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Originally Posted by Cyclical
What a shambles. I actually thought the COL were doing pretty well with dealing with this covid thing, given the immense pressure and timelines they've been under, but now I'm getting really concerned about the constant lolly scrambles consisting of billions in loans etc that we'll likely never get back, while all the good hardworking people out there spend the rest of their lives paying it back in the form of tax. Whatever happened to the days when poorly run businesses were allowed to fail when there was an economic crisis? In a lot of instances, we're just putting off the inevitable anyway.
You nailed it there ...
3-4 years with the current mob & they will have pulled off the classic massive dubious trick of reducing a stable reasonably economy into a broken *** heavily indebted shambles, with many businesses in sectors wondering if they will even be there tomorrow, wholesale unemployment and future generations likely to be left paying dearly for the current mob's tardiness, stupidity & incompetence.
There can be little doubt that things could have been managed very considerably better, with less carnage, disruption & cost across the board, and above all effective C19 management measures resulting in less infection & deaths..
All Kiwi's deserve to see considerably better than the current mob have managed to deliver up / orchestrate..
Aside from the Clark/Cullen fairweather dreaming along session - has any previous Labour lead Govt achieved such a feat so fast ?
Last edited by nztx; 03-05-2020 at 01:15 AM.
Reason: add more
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I'm not sure what this discussion is doing in the "Bank stocks" thread but nevertheless, it's a bit harsh to blame today's situation on the present government. There's an international pandemic ranging, remember.
Rebuttal of this post belongs in the politics threads, I believe.
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Well said.
Originally Posted by macduffy
I'm not sure what this discussion is doing in the "Bank stocks" thread but nevertheless, it's a bit harsh to blame today's situation on the present government. There's an international pandemic ranging, remember.
Rebuttal of this post belongs in the politics threads, I believe.
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Member
Originally Posted by macduffy
I'm not sure what this discussion is doing in the "Bank stocks" thread...
I put it in as I felt that having a new competitor(?) in the business banking space might weigh on peoples investment decisions. After all without peripheral concerns, like making sure loans will be repaid and are secured, this might leave traditional lenders at a disadvantage to Bank of IRD.
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Originally Posted by Tomtom
I put it in as I felt that having a new competitor(?) in the business banking space might weigh on peoples investment decisions. After all without peripheral concerns, like making sure loans will be repaid and are secured, this might leave traditional lenders at a disadvantage to Bank of IRD.
Would that be the "Left Bank of NZ"
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Originally Posted by Tomtom
I put it in as I felt that having a new competitor(?) in the business banking space might weigh on peoples investment decisions. After all without peripheral concerns, like making sure loans will be repaid and are secured, this might leave traditional lenders at a disadvantage to Bank of IRD.
Seems fair to me. Wasn't that long ago we were discussing how loans 80% underwritten by the govt would be great for the likes of HGH. Maybe the likes of HGH didn't play ball proper, so the posts have now been removed. I'm not sure if that's a blessing or otherwise TBH.
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ABC article on the recession threats facing Australian banks. See it here.
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04-05-2020, 02:03 PM
#100
Originally Posted by peat
So ANZ has made a bout 2 B of provisions related to Covid19 factors , though almost half of that was related to writedowns on assoc subsidiaries. No dividend for now but they will reconsider and I note the CFO comments at the end
"We’ve also looked at a range of more severe stress scenarios; including a more extreme scenario that might arise from an economy-wide shut down for a full 6 months, and a 24% fall in GDP.
This would take us further into management and regulatory capital buffers, and would therefore take more time for us to rebuild to unquestionably strong. While this scenario is becoming increasingly unlikely given the way that Australia and New Zealand have managed the COVID 19 crisis it’s these uncertainties that have influenced our announcement to defer the decision on the dividend"
Like many they're just hanging onto it for good measure.
c,mon guys lets try and stay on track,
WBC have made about 1.5B of Covid 19 impairments
"In aggregate, COVID-19 related impairment charges were $1,581 million."
price has found support at $NZ16 today which seems to be holding very recently.
Note that WBC will not be including borrowers who have applied for deferral into their future stress testing!! ?
For clarity, nothing I say is advice....
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