Australia & NZ

Banks have also agreed to not redeem non-CET1 capital instruments, while the RBNZ works to launch a new 3-year funding scheme by May.

The agencies are standardising quarterly reporting due dates, deferring two reporting initiatives, and introducing a new reporting standard for SME lending.

Business loans under a new NZ$6.25bn scheme will be supported by a government guarantee on 80% of the loan amount.

Federal approval is now required for all proposed foreign investments regardless of value or the nature of the foreign investors.

The relief applies to listed entities looking to offer placements, rights issues and share purchase plans as a way to urgently raise capital to mitigate the effects of Covid-19.

The new subsidiary will be structurally separate from NZX's commercial and operational activities and governed by a largely independent board.

The facility allows banks to swap corporate paper and other asset-backed securities for cash. Banks are offering six-month deferrals on residential mortgage repayments.

The ABA's small business relief package will be extended to larger businesses, including commercial property landlords who agree not to terminate leases or evict tenants.

Under Alert Level 4, reporting entities have the discretion to not necessarily sight certain documents for ongoing CDD and account monitoring.

The move will allow ADIs to dedicate time and resources to maintaining their operations and supporting customers, APRA says.