23 Mar 2011

Credit losses after quake manageable, says BNZ

2:22 pm on 23 March 2011

The Bank of New Zealand says any credit losses it incurs from the aftermath of the last month's Christchurch earthquake will be manageable.

It's been estimated that bank credit losses could be as much as $300 million in Canterbury as firms shut down permanently.

Bank of New Zealand chief executive Andrew Thorburn says the bank is still figuring out what its credit losses will be.

Last week, Westpac New Zealand said the Christchurch earthquake will cost it between $30 million and $100 million dollars in credit losses.