fbpx
Skip to main content
Tropical Cyclone Seroja: Emergency Assistance

New Code provides welcome clarity for retail landlords, tenants and banks

7 April 2020

The new Code of Conduct for small and medium enterprises leasing principles during the COVID-19 crisis brings very welcome clarity to all parties involved.

Australian Banking Association CEO Anna Bligh said the Code would give important guidance for all parties on managing a difficult issue for retail landlords, tenants and banks throughout the COVID-19 pandemic.

“All parties involved should be commended for finding a way to resolve a very difficult situation in a relatively short period of time,” Ms Bligh said.  

“The Code outlines a set of principles which are fair and equitable to all parties.  They will give clarity to banks when they are dealing with tenants and landlords experiencing financial stress during this difficult time.

“All parties involved should be commended for finding a way to resolve a very difficult situation in a relatively short period of time”  

ABA CEO Anna Bligh

“Today’s Code complements the assistance already on offer. As announced last week banks have offered businesses with up to $10m in total loan facilities a six month deferral on repayments for loans attached to the business. As part of this initiative, if commercial landlords applied for assistance they would be required to commit to not evicting tenants throughout the COVID-19 crisis.

“For those businesses with loans above $10m, being more sophisticated and complex, would be treated on a case by case basis.

“Australian banks are committed to supporting their customers through the COVID-19 pandemic and the associated economic pressures it has brought with it.  This Code provides a welcome tool to assist them in this process,” she said.

ENDS

Contact: Rory Grant 0475 741 007


Latest news

1 / 3
Media Releases
Support available for customers affected by Tropical Cyclone Seroja
15 April 2021

Australian banks are ready to help customers in Western Australia who are rebuilding after the destruction inflicted by Tropical Cyclone Seroja. Communities in WA’s mid-west were devastated by the cyclone last week, when it crossed the coast near the town of Kalbarri. Geraldton, Northampton, Binnu, Chapman Valley, Mingenew and a number of other towns were… Read more »

Read more
Media Releases
Banks unite to help customers experiencing financial abuse
4 April 2021

Australian banks are launching updated guidelines on financial abuse as part of their continued focus on responding to family violence and elder abuse.

Read more
Media Releases
Banks call for consistent laws to prevent elder abuse
31 March 2021

Australian banks are urging state and territory governments to adopt consistent laws on powers of attorney to prevent elder financial abuse.

Read more