Fed: Banks prepare for pep talk from Anderson on drought
Banks are urging farmers to take up special drought relief packages as they preparefor a personal warning from Deputy Prime Minister JOHN ANDERSON about their obligationto help.
Mr ANDERSON's summoned banking bosses to a meeting in Sydney today to discuss theirrole in supporting drought-stricken farmers and warn against any repeat of the mass foreclosuresof the early 1990s.
Announcing the federal government's $368 million drought package last week, Mr ANDERSONsaid nothing would make him angrier than to hear of banks profiteering from farmers introuble as they did in the past.
The Australian Bankers Association has welcomed the package, which involves interestrate subsidies for farmers and small businesses in drought-affected regions and easieraccess to welfare payments.
ABA chief executive DAVID BELL says drought relief packages provided by the banks providepractical help by giving immediate financial relief as well as improving the long-termprospects of farming businesses.
AAP RTV kmh/smb/jas/nd
KEYWORD: DROUGHT (CANBERRA)
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