NAB CEO says the bank is doing ‘enough at this point in time’
The CEO of Australia’s largest business bank admits there is “no playbook” instructing business or government on how to manage this unprecedented crisis and calls on us all to adapt as the play unfolds.
Speaking with Brooke Corte on Money News, NAB CEO Ross McEwan said the bank has granted mortgage holders and small business customers up to six months of possible loan repayment deferrals, and suggested that period of time would allow the bank to more accurately survey the extent of the damage inflicted by the coronavirus crisis.
“Nobody today knows how long this will go on for,” Mr McEwan said.
The banks have emerged as the country’s financial intensive care unit as households and businesses deal with coronavirus blunt force trauma.
Mr McEwan said the range of support measures, in conjunction with the SME Guarantee Scheme, is an example of the bank doing “enough at this point in time” but admits the economic crisis will cause casualties.
“The reality will be that there will be some businesses that don’t make it through,
“Our priority, and the government’s priority, is to get as many businesses through,” he said.
Click PLAY to hear NAB CEO Ross McEwan speak wtih Brooke Corte on Money News: