While it’s not a dichotomy of saving lives and saving the economy, three weeks into the lockdown, uncertain times are certainly on the way for people’s finances.
ASB CEO Vittoria Shortt told TVNZ1’s Seven Sharp lots of customers are asking about their options, such as various packages provided by the bank or the Government.
“People are choosing things like interest-only options on their home loans,” she said.
Banks like ASB had been building their stocks of capital over the last decade and that, as well as measures taken by the Reserve Bank, meaning they were “very well-placed” with liquidity, Ms Shortt said.
“We can definitely lend and support quite considerable amounts," she said.
She said people with money worries should contact their banks so they can get personalised advice.
Treasury today released modelling outlining a number of scenarios depending on how long various alert level restrictions are in place.
The worst case scenario predicted up to 25 percent unemployment with alert levels in place for longer, while lighter restrictions could see unemployment jump around 5 per cent from current levels to about 13 per cent.
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