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When the coronavirus default tsunami hits, how will banks respond?

18 March 2020 8:03 PM

This edition of Consumer Corner looks at how lay-offs, closures and quarantine will impact people's income and ability to repay debt.

Wendy Knowler, consumer Ninja, looks at how banks will respond when the financial tsunami of the Covid-19 pandemic really hits those with debt.

Lots of jitters. I've spoken to quite a few banking people.

Banks are mostly going for health issues and tech issues but they're saying very little about what will happen when people cannot meet their home loan and car loan payments.

Wendy Knowler, consumer journalist

I think the banks can be doing more to answer that question. Clearly they are having to apply their minds behind the scenes. The Italian banking association have said lenders will help companies disrupted by the virus and quarantine. France's president has suspended payments of taxes, rent water, gas, electricity. And now Trump - who is calling himself the wartime president - came out saying basically government is forcing the private sector to suspend all foreclosures and evictions during April as part of the US's coronavirus response. So there is not inconsiderable pressure on our banks to do something meaningful.

Wendy Knowler, consumer journalist

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18 March 2020 8:03 PM

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