What tripped up Westpac this time?

What tripped up Westpac this time?
Paul McBeth
Westpac New Zealand learned its lesson about the importance of meeting prudential rules when it fell short of capital requirements a few years ago.The lender had to hold an extra $1 billion in reserve as penance for two years when it discovered it used unapproved internal models to calculate how much regulatory capital it needed to hold for the better part of a decade – the use of internal models is a privilege extended only to the big four banks.When it was finally released in 2019, it was praised by the Reserve Bank for making meaningfu...

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