New Zealand's central bank said on Wednesday it was ramping up its scrutiny...
WELLINGTON - New Zealand’s central bank said on Wednesday it was ramping up its scrutiny of banks and insurers ahead of its highly anticipated decision on raising bank capital requirements.
RBNZ Governor Adrian Orr said he was “very concerned” about Australian regulator AUSTRAC’s allegations last week of millions of anti-money laundering law breaches by No.2 Australian lender Westpac Banking . “Our recent reviews of banks and life insurers, and the number of recent breaches in key regulatory requirements, reinforces the need for financial institutions to improve their behavior,” said RBNZ deputy governor Geoff Bascand in a statement accompanying the bank’s financial stability report, which is released twice a year.
It has also stepped up monitoring of National Australia Bank Ltd subsidiary Bank of New Zealand [BNZL.UL] after identifying errors in the lender’s risk capital calculation process. He declined to comment on the level or timeframe of an increase in capital requirements. The central bank has proposed doubling the top banks’ capital ratio to 16% to reduce risks in case of a major financial shock but has not yet made a final decision.
It has since said there was no urgency to ease policy further, but it remained ready to do so if necessary, leaving rates on hold in a decision this month.
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