The Reserve Bank of New Zealand on Wednesday ordered Westpac New Zealand (Westpac NZ) to commission two independent reports to address concerns raised about the bank’s liquidity and risk governance processes.
“We have experienced ongoing compliance issues with Westpac NZ over recent years, most recently involving material failures to report liquidity correctly, in line with the Reserve Bank’s liquidity requirements,” said Deputy Governor and General Manager of Financial Stability Geoff Bascand in a press release. “Furthermore, the bank has continued to operate outside of its own risk settings for technology for a number of years.”
