New Zealand's central bank has revoked Australia and New Zealand Banking Gr...
WELLINGTON - New Zealand’s central bank has revoked Australia and New Zealand Banking Group’s local license to calculate its own operational risk capital due to “persistent” control failures, adding to the bank’s minimum capital requirement in the country.
ANZ’s New Zealand unit would now be required to use the central bank’s standardized approach for calculating operational risk, raising its minimum capital requirement to NZ$760 million , the RBNZ said in a statement.ANZ is the biggest of the four Australian-owned banks that dominate the New Zealand market.
The operational risk model is one of several used by ANZ to asses its risk capital, a spokeswoman for the bank said.
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