ANZ New Zealand welcomes independent reviews
ANZ Bank New Zealand Limited
Australia and New Zealand Banking Group Limited ABN 11 005 357 522
Media release
For release: Monday, 24 June 2019
ANZ New Zealand welcomes independent reviews
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.
New Zealand Media enquiries:
Stefan Herrick: +64 21 748 492
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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