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To all our customers

Global financial issues have made many headlines of late, understandably prompting some of you, our customers, to share your concerns with us. We’d like to take this opportunity to reassure all of you that we are a strong, robust bank that you can depend on. At Westpac you can save and invest with confidence – knowing that we are well positioned to meet the challenges of the current global environment as well as local economic conditions.

We are a strong bank

Westpac New Zealand, as part of Westpac Banking Corporation, is one of only 20 banks in the world with a stable AA credit rating*, our capital position is robust, significantly exceeding the Reserve Bank of New Zealand’s requirements, and we have substantial holdings of liquid securities and undrawn funding lines at our disposal.

You can save and invest with confidence

Our focus on meeting the needs of New Zealanders, and our disciplined approach to managing risk means that we have no direct exposure to US subprime mortgages. When many financial institutions around the world were investing in exotic securities, including US sub-prime mortgages, we chose not to. And just in case you still harbour any concerns, Westpac New Zealand Ltd has a guarantee under The New Zealand deposit guarantee scheme.

New Zealand’s banking system is in good shape

While our economy has retreated through much of 2008 I am confident that the fundamentals remain strong, and within that we have a robust banking system. We are well regulated, and the Reserve Bank of New Zealand has been active in its responses to the dynamic market conditions. This includes the significant reduction in interest rates in October, as well as the Reserve Bank announcing a variety of initiatives to ensure liquidity in the banking system.

You can trust our experience

Westpac has been on hand to support New Zealander’s banking needs since 1861. We’ve seen difficult times before, so you can trust our experience to navigate safely through these times. We’ve helped millions of customers over the years by advising, reassuring and managing their business responsibly. We’ve been here through wars, recessions, droughts – helping generations of customers achieve their financial goals in good and bad times.

We are here to help

Westpac employs over 5,000 people dedicated to giving you support and advice for your business and personal financial needs. In every Westpac branch and business banking centre across New Zealand there are highly experienced people you can talk to about how we can help you save and invest with confidence. That’s what we’re here for.

Thank you for your continuing support.