NAB announces sweeping support package for business and personal customers

The National Australia Bank LTD announces sweeping support package for business and personal customers.

Key notes

• National Australia bank ltd - Home loan customers experiencing financial challenges will also be able to pause their repayments for up to six months.
• National Australia bank ltd - NAB will cut 200bps from rate on new loans.
• National Australia bank ltd - Will reduce variable rates on small business loans by 100bps, effective March 30.
• NAB - Business customers experiencing financial difficulty can defer payments on range of floating & variable rate business loans for up to 6 mths.
• National Australia Bank announces reductions of up to 60bps to fixed rate home loans.

• RBA offers to buy up to A$5 bln of government bonds in first round of QE

• Australian Banking Association are to unveil relief plan at 11:00 local time (00:00GMT)

• AUD/USD falls 1% in early Asia