Agribusiness banking specialist Rabobank has announced support measures for farming clients affected by flooding in central-western New South Wales.
Rabobank national manager Country Banking Australia Todd Charteris said flooding of the Lachlan River had caused extensive damage to farming operations in close proximity to the river and there were many other areas south and south-west of Forbes also inundated with water, with concerns the impact could become more significant and widespread, with further rainfall expected in coming days.
“At this stage, the hardest hit areas include Eugowra, Forbes, Bedgerabong, Condobolin, Lake Cargelligo, Euabalong, West Wyalong and Quandialla,” he said. “However, with the Macquarie, Bogan and Murrumbidgee Rivers, and many of their tributaries also on flood watch, there could be more areas affected.”
Mr Charteris said Rabobank would provide a range of assistance measures to flood-affected clients in applicable circumstances.
- deferral of scheduled loan repayments
- waiving of break costs on early redemption of Farm Management Deposits
- waiving of fees on loan increases necessary to assist in rebuilding operations and
- waiving of fees for equipment finance contract variations.
Mr Charteris said the bank’s staff had been making contact with clients in flood-impacted areas.
“Our first priority has been to see how are clients are faring and to offer our support and assistance,” he said.
“While it is difficult to gauge the full extent of the damage until the water subsides, some farmers in these areas are reporting complete loss of their winter crop, livestock losses and extensive damage to fences, irrigation infrastructure and buildings.
“There will also be ramifications for the summer crop, with farmers unable to access paddocks for planting, with many paddocks completely under water.”
Mr Charteris said after enduring weeks of wet conditions, farmers were concerned about further flooding, with the Bureau of Meteorology forecasting another significant weather pattern later in the week.
“With the Wyangala and Burrendong Dams and many of the river systems in central-western New South Wales at full capacity, any more rainfall is likely to cause more flooding further downstream,” he said.
“That said, for those not affected by floods or waterlogging of crops or pastures, the rain has set many farmers up for a good spring, with an abundance of feed, good crop yield prospects and on-farm water storages.”
Rabobank has asked any impacted clients who have concerns and have not yet spoken to the bank to contact their local branch or phone Rabobank on 1800 025 484.
Rabobank Australia & New Zealand Group is a part of the international Rabobank Group, the world’s leading specialist in food and agribusiness banking. Rabobank has more than 115 years’ experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank is structured as a cooperative and operates in 40 countries, servicing the needs of approximately 8.6 million clients worldwide through a network of more than 1000 offices and branches. Rabobank Australia & New Zealand Group is one of Australasia’s leading rural lenders and a significant provider of business and corporate banking and financial services to the region’s food and agribusiness sector. The bank has 94 branches throughout Australia and New Zealand.
Head of Media Relations
Rabobank Australia & New Zealand
Phone: 02 8115 2744 or 0439 603 525
Media Relations Manager
Rabobank Australia & New Zealand
Phone: 02 4855 1111 or 0418 216 103