Australian potato farmer Tom Fox said that he had missed a bank’s money. The Indonesian delayed sending an invoice two decades ago in Indonesia’s trade debate.
Fox said to Reuters, “I received a letter from bank lawyers. Because I had 12 hours for 24 hours ($ 1.8 million) earnings, and there was a possibility of that notice.”
Fox, a third-generation farmer who produces the largest seed potato crop in the country. The country’s largest rural lender. National Australia Bank Limited is selling its farm and equipment according to the receiver’s price.
The story of Fox carried out a risk at the beginning of the agricultural crediting system examination this week. As a strong public inquiry into the Australian $ 50 billion agricultural sectors. And its financial misuse of financial sector banks.
Shareholders’ appetite for growing profits and expanding the profits of Grameen Bank branches. That makes some farmers feel that their livelihoods governed by city executives. Those include their little care issues such as a regular missile, wildlife, and trade disputes.
For example, restrictions on Indonesia’s Australian marine import restrictions for Fox. It is seen as a ban by Australia for banning the export of live sheep. It was not affected by its type of potato. But when he reported shipping delay, the bank did not see the difference, he said, and the receiver In the call.
Khan Hooner, General Manager, Agricultural Manager, NAB, said, “Fox’s business was under” extreme financial pressure “by 2013,”. It is remarkable lenders dealing with stress from previous year’s trading.
In an e-mail, Horne said that the bank employed the receiver of potato “on the basis of financial defaults”. and the receivers “wanted to work with Mr. Fox to realize the value of the business and other resources”.
Steve Levit, a lawyer who represented 20 farmers in the mediation of banks. He said banks should admit that the peasantry is full of warmth fluctuations.
“You have to be completely different as a way to look at other sectors of the economy in the bank.”
Dry, hot Australia’s firm banking often becomes difficult. But in the last decade, M & A has become particularly acute due to a wave relationship. Because the largest banks in the country are borrowing. Which do not allow them during normal drought and instability. Product Price
With the dollar value, the smallest part of the credit of Australia’s agricultural sector. The largest rural lender for NAB is the tenth size of his mortgage book – but a risky and sensitive one.
A 2017 Senate Report on Farm Finance, which submitted to Fox an oath. They gave a taste to what the Royal Commission could suggest more powerful.
Among the measures suggested by the Senate, there was a mandatory smallest time before banks could call on cumbersome farm loans. Due to lack of restrictions on banks, without discussing the conditions of rural loans. And compulsory national farm loan intermediation project
Ann Scott, a key adviser to Australian Small Business and Family Advisor Ombudsman, says that many farmers still operate like them. When they have a very close relationship with their banks.
“But what happened has banks looked at their risk reduction. They see an economic downturn, they are not interested in it may not be too long, they want to get that as soon as possible.”
The Australian Bankers Association, a lobby group, supports a national rural credit dispute scheme.
But, in 2011, for the small number of foreclosures in primary service sector, the farmers forced to call them the forced banks.
The ABA spokesman said in an e-mail “, more reform needed. But it is important that the transaction is not coming so far. It reduces debt and builds home ownership, or running a business is as much harder as possible”.
Commonwealth Bank of Australia, which in 2008 had purchased HBOS PLC from rural lender Bankwest, when a large farm loan book inherited. Westpac Banking Corporation, Australia’s second-largest bank, also declined comment.
Australia and New Zealand Banking Group Ltd, who purchased Australian financial services for Australia’s Whit Board in 2009. That took thousands of rural loans, did not respond to a request for comment.
Banks do not waste profit from agricultural loans. But for more than half the time. The Royal Commission has lost more than $ 20 billion from the share price of shares due to direct loss and expectation. due to the hearing, the rules of harsh loans will bring.
A consultant for the farmers involved in the dispute. who is planning to protest outside the hearing, said: “When the creditors call” hat “and call for loans. Due to the impact of the accidents on the rural centers partly partial under the formal credit should be under the application.
He said, “Compared to banks with debt burden, these suppliers and all other businesses have found these cities near the credit deficit”.