28 Jan 2010

Customer survey of bank lending policies

9:57 am on 28 January 2010

A North Island hill country farmer, who says she was put under pressure by her bank to sell, is surveying other farmers to find out what they think about banks' lending policies and their impact.

Janette Walker, of Birch Hill Station, near Pongaroa in the Tararua district, says banks have changed their financial management strategies because of the recession and advice from the Reserve Bank.

She considers the tougher stance they have taken on lending is harming rural businesses.

But she says there's a lack of data on that, so she's holding a survey through the Farmers Weekly newspaper to test her views.

Ms Walker says she's now sold her farm, and the $2.25 million price she got was considerably above the $800,000 value that the bank had put on it.