ANZ capital failings highlighted
ANZ New Zealand failed to control internal processes concerning its capital modelling systems, according to new report.
Friday, April 17th 2020, 8:27AM
After the Reserve Bank censured ANZ for using an outdated capital model last year, a new report from Deloitte highlighted the scale of ANZ's non-compliance.
The report identified "some of instances of non-compliance", the central bank said. The RBNZ stated there was "not sufficient rigour around ANZ NZ’s processes to ensure compliance".
The RBNZ's Deputy Governor and General Manager of Financial Stability Geoff Bascand said the central bank would work ANZ "to gain assurance the areas of non-compliance are addressed".
“We have discussed the findings of the latest section 95 report with ANZ. They have been forthcoming with their desire to address this and we are confident that ANZ will resolve this matter without issue. ANZ remains sound and well-capitalised," Bascand said.
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