The ability to support customers withstand and recover from major disruptions is a critical factor in delivering our purpose to make a difference for our customers, shareholders and community.
During recent weather events that impacted a number of local communities and the ongoing impacts of COVID-19 we understood our responsibilities to help our customers and communities thrive, by providing access to financial services that facilitate a healthy economy.
We did this through provision of hardship support packages and providing customers with the products and services needed to flexibly adapt to the changing economic conditions, when need arises.
Auswide Bank continues to monitor the credit quality of the portfolio to assess economic impacts by completing ongoing scenario modelling and detailed portfolio analysis to assess the required provisioning levels and potential credit quality impacts, due to the shifting economic landscape.
Auswide Bank has processes and systems in place to ensure we respond quickly to unprecedented circumstances. This has been built using past experiences and the impacts this has had on the Bank. We continue to develop scenario models to identify potential risks to our business under a range of different economic outcomes. Our strong levels of capital and liquidity see us well positioned to manage a range of scenarios.
We are committed to doing our part to ensure customers are able to continue to actively participate in the economy during times of hardship. We are committed to providing extra care for customers who are experiencing vulnerability, which may be temporary or permanent.
We continue to support our customers financially impacted with Banking Relief Packages during uncertain times. The Auswide Bank team work closely with customers to understand their needs and offer access to a range of financial support measures such as deferrals of mortgage and/or personal loan repayments, or allowing interest only repayments for a short period; special arrangements in relation to arrears; early access to Term Deposit funds without penalties; and waiver of other fees and charges related to non-payment.
We also work closely with our business partners such as Allianz to make sure claims can be lodged quickly and prioritised for those areas affected by environmental events.
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