UPDATE 2-NZ central bank revokes ANZ's self-assessment of risk capital [Reuters]
Westpac Banking Corporation (WBK)
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Source: Reuters
UPDATE 2-NZ central bank revokes ANZ's self-assessment of risk capital - Reuters 3 Min Read * RBNZ revokes ANZ unit permission to assess own risk capital * Decision due to persistent oversight failures * Requires ANZ to lift minimum capital requirement (Adds market reaction, comment from ANZ) By Charlotte Greenfield WELLINGTON, May 17 (Reuters) - New Zealand’s central bank has revoked Australia and New Zealand Banking Group’s local licence to assess its own risk capital due to “persistent” control failures, pushing up the bank’s minimum capital requirement in the country. The censure comes at a time when the Reserve Bank of New Zealand (RBNZ) is undertaking broader measures to tighten capital requirements and reduce risk to the financial system in the event of any major shock. ANZ’s New Zealand unit would now be required to use the central bank’s standardised approach for calculating operational risk, raising its minimum capital requirement to NZ$760 million ($496.4 million), the RBNZ
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