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Westpac NZ says it will discuss relief options to customers financially affected as the global outbreak of coronavirus squeezes local sectors.
The hospitality sector and exporters are expected to take a hit to their income.
• Suspension of principal loan payments for up to three months;
• Deferred payment on business credit cards for up to three months.
Simon Power, Westpac NZ general manager of commercial, corporate and institutional banking, said disruption to travel and trade caused by coronavirus has affected a range of New Zealand businesses.
"The outbreak has caused a lot of uncertainty in some industries, and it's unclear when business might resume as normal," he said.
"We don't want to be too prescriptive. The challenges faced by different people and different industries could be many and varied."
Westpac says it will provide a range of possible support options for both business and personal customers affected by the coronavirus outbreak. Photo / AP
More than 400 people have died from the coronavirus, while more than 17,000 cases worldwide have been reported in 26 countries.
Among the local sectors bracing for the economic fallout from the coronavirus outbreak is the hospitality sector.
Leaders of the sector have "significant concerns" over coronavirus and how far-reaching the impacts will be on dining, accommodation and wider tourism operators.
They say it will have an impact but they do not know to what extent.
Accommodation operators have already begun to report a flurry of booking cancellations by Chinese tourists.
New Zealand Hotel Owners Association executive director Amy Robens told the Herald operators were anticipating between 20 to 70 per cent of total business to be impacted, depending on how focused on the Chinese market each were.
"Hotels who are heavily reliant on the China market are seeing occupancy from 90 per cent to 40 per cent, so they are losing more than half of their business," Robens said.
The New Zealand Government has barred all foreign travellers from mainland China from entering New Zealand for up to two weeks.
In February - the height of the season - Chinese tourists make up around 40 per cent of business, with 40,000 Chinese tourists expected in the next six weeks.
Meanwhile, New Zealand's second biggest log-exporting port - Gisborne's Eastland Port – has been brought to its knees by the virus after shock news from its export customers that no more logs can be loaded for China.
Yesterday, the Eastland Wood Council said in a statement that it was meeting with members and contractors to discuss temporarily "halting harvesting and cartage operations", with one major log export buyer signalling it would take no more product from Wednesday.
Andrew Gaddum, chief operating officer for Eastland Port, said log exports are the port's main source of revenue and the notice, while hopefully temporary, is "hugely significant".
Eastland Port's revenue last year was $97 million, most of it from log exports.
Other key New Zealand exports have also been affected.
The live crayfish trade has stopped during the most lucrative time of the year - Chinese New Year - as authorities clamp down on people congregating.
In the meat industry, production has been cut back a little until the situation in China becomes clearer.
New Zealand's biggest exporter, Fonterra, told the Herald that while the coronavirus had not had an impact on its business, it was closely monitoring the situation there.
