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ANZ New Zealand welcomes independent reviews

Contributor:
Fuseworks Media
Fuseworks Media

ANZ Bank New Zealand Limited (ANZ NZ) will work with the Reserve Bank of New Zealand (RBNZ) on independent reviews of its capital models and attestation process.

Board Chair, Sir John Key said today: "The Board had been working on commencing an independent review to provide assurance that our capital models and the Directors’ attestation process are robust and operating in a prudent manner. Following discussions with the RBNZ, the Directors agree that the best way to achieve this assurance is working with the RBNZ and an independent party to undertake the necessary reviews."

ANZ NZ will work with the RBNZ under section 95 of the RBNZ Act to commission an independent third party to look at its compliance with its capital adequacy requirements and the Directors’ attestation and assurance framework. Section 95 has been used by the RBNZ in the past with other banks.

"As has been the case with independent reviews of other financial institutions’ processes, we agree that the most effective way of achieving this assurance is via the independent report powers given to the RBNZ under section 95 of the RBNZ Act", Key said.

ANZ NZ continues to be sound and well capitalised with strong credit ratings. As at 31 March 2019, ANZ NZ held over $12.4 billion of capital, almost $3.5 billion more than its regulatory requirement.

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