Featured Product

    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. 

     

    Related Links

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

    Featured Experts
    Related Articles
    News

    FED Revises Capital Planning and Stress Testing Requirements for Banks

    FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.

    January 19, 2021 WebPage Regulatory News
    News

    ECB Releases Results of Bank Lending Survey for Fourth Quarter of 2020

    ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.

    January 19, 2021 WebPage Regulatory News
    News

    ESAs Publish Reporting Templates for Financial Conglomerates

    ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.

    January 18, 2021 WebPage Regulatory News
    News

    EBA Publishes Report on Asset Encumbrance of Banks in EU

    EBA published the annual report on asset encumbrance of banks in EU.

    January 18, 2021 WebPage Regulatory News
    News

    MAS Revises Guidelines on Technology Risk Management

    MAS revised the guidelines that address technology and cyber risks of financial institutions, in an environment of growing use of cloud technologies, application programming interfaces, and rapid software development.

    January 18, 2021 WebPage Regulatory News
    News

    US Agencies Publish Updates for Call Reports, FFIEC 101, and FR Y-9C

    FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.

    January 15, 2021 WebPage Regulatory News
    News

    EBA Proposes Guidelines for Establishing Intermediate Parent Entities

    EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.

    January 15, 2021 WebPage Regulatory News
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6462