PM applauds ASB’s $250 million investment in Christchurch

Prime Minister John Key says ASB’s announcement that it will invest $250 million to stimulate the Christchurch economy is both generous and far-sighted.

Mr Key was in Christchurch with incoming ASB Chief Executive Barbara Chapman when she announced a $250 million investment programme to support the Christchurch rebuild.

Among other initiatives, ASB is offering;

· reduced interest loans and six-month repayment holidays to existing home loan customers significantly impacted by the earthquake

· additional cash flow relief through $100 million in loans to existing small and medium business owners impacted by the earthquake

· an additional $100 million in loans to encourage new business in the Christchurch region. These business loans will be interest free for the first 12 months

· $1 million in grants to community groups that have suffered damage or loss

· open another two branches in the Christchurch region.

“This is the type of stimulus Christchurch needs to get back on its feet and I am delighted that ASB has been so quick to react,” says Mr Key.

“This is a multi-million dollar vote of confidence in Canterbury and I applaud ASB for their initiative.”