Westpac expecting quake losses in tens of millions

10:38 pm on 15 March 2011

Westpac New Zealand is estimating the Christchurch earthquake will cost it between $30 million and $100 million in credit losses.

Westpac says it's currently difficult to accurately assess the financial hit from the quake, while local and central governments work towards establishing a rebuilding plan, and insurers access claims.

Massey University's director of banking studies, David Tripe, says he expects many of the losses relate to business loans, and the range indicates Westpac is expecting a number of company failures.