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On The Record

Drought Update

Drought Update

Commonwealth Bank provides an update on its support for farmers affected by the drought.

The Farm Management Deposit (FMD) scheme plays an important role in helping farmers manage through the cycle for both the good times and the bad.

CBA will be writing to customers with eligible FMDs to let them know that CBA will be implementing a new offer in light of the changes to the government’s rules regarding FMD offset arrangements.

CBA will make a credit adjustment for customers with eligible FMDs and business loans.  The amount of the adjustment will be calculated based on the relative balances of the FMD and the business loan.

This will be calculated for FY18 with the credit made pending customer acceptance of this offer.

We believe this will benefit those farmers with eligible FMDs, especially those who are in need because of the worsening drought.

Grant Cairns, Executive General Manager, Regional and Agribusiness Banking, said: “Our priority is helping farmers who are doing it tough because of the drought. We are pleased to extend our package of drought assistance measures to include this new offer for farmers with eligible FMDs and business loans, which we believe will give them additional peace of mind.”