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Rabobank to support clients affected by floods

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Agribusiness banking specialist Rabobank  Australia has offered its support to clients who have been impacted by the current floods in southern Queensland and northern New South Wales.  

Rabobank General Manager Rural Australia Peter Knoblanche announced that the bank would work directly with clients in affected areas, offering assistance through a range of support measures.  

Key measures include:  

  • Deferral of scheduled loan payments 
  • Waiver of break costs on early redemption of farm management deposits 
  • Waiver of fees on loan increases necessary to assist in rebuilding operations 
  • Waiver of fees for equipment finance contract variations
While it is too early to gauge the full effect of the floods on agricultural areas, the bank is hopeful that damage would be reasonably contained, compared to the 2011 floods.  

Though this year’s floods may have been the biggest on record for St George in southern Queensland, early reports indicate that the cotton crop or infrastructure in the area has not faced significant damage.  

While isolated cases of damage to infrastructure including buildings, fences and dams have been reported, there have been no instances of major stock losses.  

Damage to agricultural production, especially for the cotton crop in the flooded areas around Moree in northern New South Wales will be known to the full extent only at harvest time, says Mr Knoblanche.  

He also points out that most farms in this area have water systems designed to get water on and off, and expects to see the water clear out quickly when the floods ease.    

Though the final numbers are not known, northern NSW sheep farmers were facing potential losses of ewes and lambs.  

Rabobank staff members in all flood-affected areas are getting in touch with clients to check on their wellbeing and offer support wherever possible.

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