ASB CEO's coronavirus message to customers: 'If you're worried please call us'

ASB chief executive says customers worried about their financial situation during the coronavirus pandemic should contact the bank.

The bank's boss, Vittoria Shortt, joined Mike Hosking Newstalk ZB to talk about the bank's response to coronavirus, and what she wants from the Government's economic package being announced today.

She acknowledged that it was a very fast-moving situation, but that everyone was "very focused" about what is best for Kiwis.

She called the Reserve Bank's move to cut the Official Cash rate to a record low 0.25 cent yesterday was a pragmatic and responsible move at this time.

Speaking about ASB customers, Shortt said she thought they had not been getting enough calls from customers asking for help during this time.

"If you're worried, please call us - but we'd like to be getting more calls. Everyone is being impacted differently and everyone's financial situation is different.

"There are actions that our team can take and that [we're ready] to take."

There are actions that our team can take and that [we're ready] to take."

Asked if she thought the country would get through this situation, Shortt was adamant that all would be well.

She said ASB had been around for 170 years. During that time they had supported people through wars and recessions and would do the same during these unprecedented times.

"We will get through this."

The Government is preparing for its biggest day of the crisis so far, with plans to unveil a multi-billion-dollar rescue plan to save jobs and businesses.

Jacinda Ardern says today's spending package would focus "relentlessly on jobs" and will show the Government is willing to act decisively during these uncertain times.

She has already signalled the cash injection would be the "most significant package" she would announce during her tenure as Prime Minister.

It will contain wage subsidies for Covid-19 hit businesses and employees across the country.

"[It will focus] on supporting businesses to keep people in work as they plan for the future," Ardern said.

It would also focus on ensuring New Zealand's health system has the resources it needs as Covid-19 continues to spread.

"The approach the Government is taking is to ultimately lessen what will be the significant effects [of Covid-19]."

The package comes a day after the Reserve Bank's shock 0.75 per cent cut to the official cash rate (OCR) – a move not seen since the global financial crisis 12 years ago.

The central bank's governor, Adrian Orr, confirmed yesterday the Reserve Bank had modelling to suggest New Zealand was going into a recession.

All major banks confirmed they would pass the cut on to customers with a floating mortgage.

The Government prepares for its biggest day of the crisis so far, with plans to unveil a multi-billion-dollar rescue plan to save jobs and businesses.