24 March 2006

Agribusiness banking specialist Rabobank Australia has announced a range of measures to support clients affected by cyclone devastation in far north Queensland.

Rabobank general manager Rural Australia Peter Knoblanche said the bank was working with clients whose farm businesses had been affected by cyclone damage to support them through any difficulties.

Mr Knoblanche said the bank would view sympathetically all requests from clients placed in hardship by the cyclone damage to their businesses.

Measures the bank is providing include:

• deferral of interest rate payments in warranted circumstances
• waiving of break costs on early redemption of Farm Management Deposits
• waiving of fees on loan increases necessary to assist in rebuilding operations.

Rabobank’s interest-only loan product is designed to assist clients in times of reduced cashflow, due to adverse circumstances.

Rabobank has called for clients impacted by the disaster - who have not yet been contacted by the bank - to contact their local account managers so the bank can assist with any support required.

"As a specialist in agribusiness, Rabobank takes a long-term outlook and is committed to supporting our clients wherever we can through periods of difficulty, such as this devastating event," Mr Knoblanche said.

Rabobank staff in the region had been attempting to contact clients in the area since the cyclone, but had not been able to make contact with some clients because of communications difficulties.

"In many cases, we have been physically driving out to clients' properties in order to make contact and provide our support," he said.

While it was too early to establish the full extent and impact of the damage, Mr Knoblanche said, the cyclone had resulted in widespread devastation for many operations in the area.

"This has impacted almost all rural industries in the region, including sugar, bananas, avocadoes, maize and macadamias," he said.

"There has also been concern about dairy farmers not being able to milk because of lack of power.

"Farmers in the region are going to need the support of not just everyone in the agribusiness industry, but all of Australia to help them get back on their feet."

Rabobank Australia is a part of the international Rabobank Group, the world's leading specialist in food and agribusiness banking. Rabobank has more than 100 years' experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank has a AAA credit rating and, in recent years, has twice been awarded the title of the world's safest bank by Global Finance magazine. Rabobank operates in 35 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1500 offices and branches. Rabobank Australia is one of Australia's leading rural lenders and a significant provider of business and corporate banking and financial services to the Australian food and agribusiness sector. The bank has 46 branches throughout Australia.

Contact

For further information please contact Denise Shaw, Public Relations Manager (Tel: +61 2 8233 8744) or email on sydney.mediarelations@rabobank.com.