RBNZ lifts Westpac NZ's regulatory capital requirements after compliance failure

Wed, 15 Nov 2017

By Sophie Boot Nov. 15 (BusinessDesk) - The Reserve Bank has lifted Westpac New Zealand's minimum regulatory capital requirements after it failed to comply with obligations relating to its status as an internal models bank. The central bank accredits internal models banks to use approved risk models to calculate how much regulatory capital they need to hold. Westpac used a number of models that had not been approved by the Reserve Bank, and materially failed to meet requirements around model governance, processes and documentation, the R...

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