ANZ NZ CEO David Hisco sees Christchurch delaying NZ economic recovery by 6 months

David Hisco, the chief executive of New Zealand's largest bank, has warned the recovery in New Zealand's economy could be delayed by around 6 months by the Christchurch earthquake.

He said ANZ NZ's economists had estimated the earthquake could reduce GDP by anything between 0.5% and 1.5% in the first quarter.

"There's an enormous rebuild required. Estimates are starting to amount to about NZ$20 billion. We think it's set back the economic recovery by about six months," Hisco told Interest.co.nz in a video interview.

ANZ NZ had 671 staff and 26 branches in Christchurch and all staff were found safe and well within the first two to three days, although some have lost partners, family and friends, he said.

"We were very fortunate and others were not so fortunate, and our thoughts are with them and their families."

ANZ NZ deposited NZ$1,000 cash into the accounts of all its Christchurch staff on the evening of the earthquake as emergency money.

As at Thursday morning ANZ and its sister bank National had 10 branches open.

See latest detail here on ANZ's site.

ANZ had focused in the first few days on ensuring the whereabouts and safety of its staff, but was now working on reopening branches and offices. ANZ's business banking centre in the CBD of Christchurch had been closed. It had housed more than 200 staff. Many were working from other locations.

Some staff had returned to work, while others remained off work looking after families and their personal situations. ANZ was also providing counselors and pledged to keep paying all staff, including casuals, regardless of the earthquake.

ANZ was deferring mortgage repayments and fees for those customers affected.

See Amanda Morrall's article on what all the banks in Christchurch are doing for customers.