Finance

RBNZ locks horns with Westpac NZ again

Jenny Ruth
Wed, 24 Mar 2021

Reserve Bank deputy governor and head of banking regulation Geoff Bascand.
Jenny Ruth
Wed, 24 Mar 2021
Westpac NZ has again drawn the ire of the Reserve Bank and this time the central bank is questioning its governance processes and liquidity reporting and has instructed the bank to commission two independent reports."We have experienced ongoing compliance issues with Westpac NZ over recent years, most recently involving material failures to report liquidity correctly, in line with RBNZ's liquidity requirements," the central bank said in a statement."Furthermore, the bank has continued to operate outside its own risk settings...

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