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    RBNZ Finds ANZ Incompliant with Internal Model Capital Calculations

    April 15, 2020

    RBNZ published a summary of the report on assessment of ANZ Bank New Zealand Limited's (ANZ NZ) compliance with capital adequacy requirements of RBNZ. The report, which is prepared by Deloitte, assesses the compliance of ANZ NZ with the capital adequacy requirements. The report identified some of instances of non-compliance indicating that historically there was insufficient rigor around the processes of ANZ NZ to ensure compliance. These instances of non-compliance are related to internal models for the calculation of regulatory capital and maintaining a compendium of approved models with RBNZ.

    RBNZ is working with ANZ NZ to gain assurance that the areas of historical non-compliance with the capital adequacy requirements are being addressed. The findings of the report have been discussed with ANZ, which has been forthcoming in its readiness to address this issue. In June 2019, RBNZ had requested two reports from ANZ NZ under section 95 of the RBNZ Act 1989. ANZ NZ had engaged Deloitte, with the approval of RBNZ as per section 95, to prepare the reports. The first report, on the Director Attestation and Assurance framework of ANZ, was published in December 2019. As a result of the first report, RBNZ had issued a further section 95 notice requiring an external party to confirm by mid-2021 that ANZ has implemented all of the recommendations. Consequently, this latest section 95 report assessed the compliance of ANZ NZ with the capital adequacy requirements. 

     

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    Keywords: Asia Pacific, New Zealand, Banking, Capital Adequacy, Operational Risk, Regulatory Capital, Internal Models, Compliance Risk, ANZ, RBNZ

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