New Zealand's central bank said on Tuesday it was stepping up monitoring of...
WELLINGTON - New Zealand’s central bank said on Tuesday it was stepping up monitoring of National Australia Bank Ltd subsidiary Bank of New Zealand [BNZL.UL] after identifying errors in the lender’s risk capital calculation process.
The Reserve Bank of New Zealand , which supervises the banking sector, said BNZ had made three capital calculation errors that resulted in misreported risk-weighted assets over a number of years. The new requirement comes months after the RBNZ in May revoked the license of rival ANZ Bank New Zealand to calculate its own operational risk capital due to “persistent” control failures.
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