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ANZ New Zealand welcomes independent reviews
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:
ANZ Bank New Zealand Limited
Get on top of your money
ANZ has been helping New Zealanders get on top of their money ever since we opened for business in 1840. We were New Zealand's first bank and today we have a large network of full-service branches and ATMs, and talented people across the country.
We're passionate about helping our customers make their money work harder and equipping them to make better financial decisions. Whether it's travelling the world, buying a home, building a business, investing for the future or protecting their family's future, we use our financial strength and expertise to help make it happen.
Through our sponsorships, our Staff Foundation and thousands of staff volunteer hours each year, we support causes that make a difference to New Zealanders.
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