Australian banks pledge nearly $2 mln in bushfire assistance

Special Report:Global Financial Crisis

CANBERRA, Feb. 8 (Chinese media) -- Four Australian banks on Sunday pledged to supply more than 3 million Australian dollars (1.9 million U.S. dollars) to help victims of the worst bushfires in Australia's Victoria state.

The National Australia Bank (NAB), Commonwealth Bank of Australia (CBA) and ANZ have stumped up 1 million Australian dollars each in funds or donations, while Bendigo and Adelaide Bank, through its Community Enterprise Foundation, launched a Bushfire Appeal with an immediate 100,000 Australian dollars donation.

NAB was the first of the majors to establish a relief fund of 1million Australian dollars for bushfire victims, followed by CBA which activated an emergency assistance package for customers who are victims.

CBA said in a statement that the emergency package will provide additional loans or changes to repayment arrangements for CBA home loan customers who may experience difficulties because of the bushfires, waiving establishment fees on restructured business loans for existing business customers, and expediting claims to CommInsure for customers seeking help through their insurance.

ANZ Banking Group followed suit with a 1 million Australian dollars donation to the Victorian bushfire appeal, cash grants to customers whose homes have been totally or partially destroyed by the fires, and other measures including an offer to suspend loan repayments.

ANZ will also provide a 10,000 Australian dollars cash grant to farm customers whose home, stock and machinery have been totally destroyed, along with 5,000 Australian dollars to customers whose home and farms are partially destroyed to assist with stock management and essential farm items, the bank said. (1 Australian dollar equals 65 U.S. cents)