Westpac in the gun again over prudential breaches

Wed, 02 Dec 2020

Westpac New Zealand fell foul of trans-Tasman regulators over the way it determined liquidity ratios, and while it’s fixed the problem, it may face further sanctions.The Australian Prudential Regulation Authority is requiring the NZ bank’s Australian parent to hold more cash when gauging its liquidity coverage ratio until an independent review of Westpac’s compliance is completed and addressed to APRA’s satisfaction.Westpac NZ said it told the Reserve Bank of New Zealand about its use of a non-compliant methodology...

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