There's concern among petrol station owners, following BNZ signalling its lending period for fossil fuels is ending.
BNZ has informed one business lending to petrol store owners will end - and the bank needs all debt repaid by 2030.
The bank says it's an economic decision, as they're foreseeing people switching to electric vehicles.
An anonymous owner of multiple rural petrol stations says the decision hurts farmers, who will still need diesel.
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Speaker 1 (00:00):
Right now. Rural petrol stations have been told by BNZ
their bank it'll stop funding them by twenty thirty because
of its commitment to the Zero Banking Alliance. Documents provided
to Federated Farmers show BNZ has a policy that there
is to be no new lending to petrol stations and
all existing debt needs to be paid back by twenty thirty. However,
(00:22):
bnz's CEO Dan Huggins told a Select committee at Parliament
today the mover is because we won't need the petrol
stations in twenty thirty.
Speaker 2 (00:31):
We would expect that we're going to see conversion to
electric vehicles demand change for fuel services. So therefore we've said, look,
we we think we've got enough exposure in that space
and don't want to increase that exposure.
Speaker 1 (00:44):
We're joined now by an owner of multiple rural petrol
stations who wants to remain anonymous because he's concerned about
his relationship with BNZ, which is fair enough. Get a
welcome to the show.
Speaker 3 (00:56):
Oh hi, how are you?
Speaker 1 (00:57):
I'm good? Thank you, thank you for talking to me.
What did ben Z tell you?
Speaker 3 (01:03):
Well, are any new purchases of the petrol station We
will not have any lending available to us, and we
will not be able to and we have to pay
all our debts by twenty thirty. This is exactly what
we've been told by BNZ. We have approached them multiple
times for various reasons to expand, but every time we
(01:30):
have come across this hurdle.
Speaker 1 (01:34):
And I have seen specifically it's because of our climate
change essentially.
Speaker 3 (01:39):
Correct, and you know we've been told it is because
of the net Banking zero Alliance which be in there
have signed or multiple banks have signed, and because of
that we cannot get any more lending. And it's a
top down policy, and hence the reason are our local
(02:00):
individual who we deal with could not help us out.
Speaker 1 (02:04):
Are you in a position financially to pay back you're
borrowing by twenty thirty?
Speaker 3 (02:10):
Absolutely not. With the current cash flow of the businesses,
it's near impossible to make those payments. And that's our
worry that how we are able to make that payment
which run in a million millions, and we're not in
a position to pay that at all.
Speaker 1 (02:30):
What happens if you can't, well.
Speaker 3 (02:34):
We have to close down. And with closing down, then
those dozens of jobs.
Speaker 1 (02:42):
Actually what about other banks have you tried any others
who perhaps aren't doing the same deal here as being.
Speaker 3 (02:49):
Z Well, we've been trying to work with a bank,
but we have heard through various our colleagues who are
the fellow deal dealers, there are some restriction coming through.
Some are taking more prominent approach in climate related activities.
(03:10):
So we are finding that. But changing a bank who
suddenly because of this policy is really difficult. When you
are operating multiple sites, it's proving more difficult than anything else.
But the worry is that we can change the bank,
(03:30):
but if the other bank also changes, that will be
another blow to us.
Speaker 1 (03:35):
The thing that I don't understand here is if anyone
was going to be converting to evs in the near future,
it wouldn't be a rural area like this would be
the last last place surely that you would be worried about.
Speaker 3 (03:48):
Well, that's what I could not understand that, Hey, farmers
and other rural communities, they have got farm equipments where
they need to operate their farms and do all sorts
of and around their business. And if there are no
lending available to these petrol stations, there is very limited
options they have to a hand or maybe they closed down,
(04:12):
and where is that petrol or diesel will come from?
Are we thinking about farm or traveling fifty kilometers to
Amain provincial town to get their petrol? I don't think so,
and that's going to push costs up as well as
the job losses.
Speaker 1 (04:34):
Well, good luck. I hope that you have you managed
to find some kind of solution here, because I mean,
as you say, you can't afford to pay it back
by twenty thirty, you can't. They're not allowing you to
go and buy another petrol station to borrow off, so
you'll you're limited. Your options seem to be limited. I
wish you the best to luck.
Speaker 3 (04:52):
Thank you so much. Yes there are limited options, but
look we are still working and this is our nightmare
at the moment being in a petrol and street. I'm
sure you know something will change, will come about and
we sail through this difficult time.
Speaker 1 (05:08):
Thank you very much for your time. That is the
owner of multiple rural petrol stations who wants to remain
anonymous because he's got a relationship with bended but you
can understand and he wants to try and protect that
as much as he can.
Speaker 3 (05:19):
For more from hither Duplessy Alan Drive.
Speaker 1 (05:22):
Listen live to news talks it'd be from four pm weekdays,
or follow the podcast on iHeartRadio
Right now. Rural petrol stations have been told by BNZ
their bank it'll stop funding them by twenty thirty because
of its commitment to the Zero Banking Alliance. Documents provided
to Federated Farmers show BNZ has a policy that there
is to be no new lending to petrol stations and
all existing debt needs to be paid back by twenty thirty. However,
(00:22):
bnz's CEO Dan Huggins told a Select committee at Parliament
today the mover is because we won't need the petrol
stations in twenty thirty.
Speaker 2 (00:31):
We would expect that we're going to see conversion to
electric vehicles demand change for fuel services. So therefore we've said, look,
we we think we've got enough exposure in that space
and don't want to increase that exposure.
Speaker 1 (00:44):
We're joined now by an owner of multiple rural petrol
stations who wants to remain anonymous because he's concerned about
his relationship with BNZ, which is fair enough. Get a
welcome to the show.
Speaker 3 (00:56):
Oh hi, how are you?
Speaker 1 (00:57):
I'm good? Thank you, thank you for talking to me.
What did ben Z tell you?
Speaker 3 (01:03):
Well, are any new purchases of the petrol station We
will not have any lending available to us, and we
will not be able to and we have to pay
all our debts by twenty thirty. This is exactly what
we've been told by BNZ. We have approached them multiple
times for various reasons to expand, but every time we
(01:30):
have come across this hurdle.
Speaker 1 (01:34):
And I have seen specifically it's because of our climate
change essentially.
Speaker 3 (01:39):
Correct, and you know we've been told it is because
of the net Banking zero Alliance which be in there
have signed or multiple banks have signed, and because of
that we cannot get any more lending. And it's a
top down policy, and hence the reason are our local
(02:00):
individual who we deal with could not help us out.
Speaker 1 (02:04):
Are you in a position financially to pay back you're
borrowing by twenty thirty?
Speaker 3 (02:10):
Absolutely not. With the current cash flow of the businesses,
it's near impossible to make those payments. And that's our
worry that how we are able to make that payment
which run in a million millions, and we're not in
a position to pay that at all.
Speaker 1 (02:30):
What happens if you can't, well.
Speaker 3 (02:34):
We have to close down. And with closing down, then
those dozens of jobs.
Speaker 1 (02:42):
Actually what about other banks have you tried any others
who perhaps aren't doing the same deal here as being.
Speaker 3 (02:49):
Z Well, we've been trying to work with a bank,
but we have heard through various our colleagues who are
the fellow deal dealers, there are some restriction coming through.
Some are taking more prominent approach in climate related activities.
(03:10):
So we are finding that. But changing a bank who
suddenly because of this policy is really difficult. When you
are operating multiple sites, it's proving more difficult than anything else.
But the worry is that we can change the bank,
(03:30):
but if the other bank also changes, that will be
another blow to us.
Speaker 1 (03:35):
The thing that I don't understand here is if anyone
was going to be converting to evs in the near future,
it wouldn't be a rural area like this would be
the last last place surely that you would be worried about.
Speaker 3 (03:48):
Well, that's what I could not understand that, Hey, farmers
and other rural communities, they have got farm equipments where
they need to operate their farms and do all sorts
of and around their business. And if there are no
lending available to these petrol stations, there is very limited
options they have to a hand or maybe they closed down,
(04:12):
and where is that petrol or diesel will come from?
Are we thinking about farm or traveling fifty kilometers to
Amain provincial town to get their petrol? I don't think so,
and that's going to push costs up as well as
the job losses.
Speaker 1 (04:34):
Well, good luck. I hope that you have you managed
to find some kind of solution here, because I mean,
as you say, you can't afford to pay it back
by twenty thirty, you can't. They're not allowing you to
go and buy another petrol station to borrow off, so
you'll you're limited. Your options seem to be limited. I
wish you the best to luck.
Speaker 3 (04:52):
Thank you so much. Yes there are limited options, but
look we are still working and this is our nightmare
at the moment being in a petrol and street. I'm
sure you know something will change, will come about and
we sail through this difficult time.
Speaker 1 (05:08):
Thank you very much for your time. That is the
owner of multiple rural petrol stations who wants to remain
anonymous because he's got a relationship with bended but you
can understand and he wants to try and protect that
as much as he can.
Speaker 3 (05:19):
For more from hither Duplessy Alan Drive.
Speaker 1 (05:22):
Listen live to news talks it'd be from four pm weekdays,
or follow the podcast on iHeartRadio
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