RBNZ seeks ANZ's assurances over prudential, governance matters

26 Juin, 2019, 02:14 | Auteur: Auguste Feret
  • Reserve Bank building

Robertson told reporters that whether the banks or government bore the risk of the guarantee was still to be decided, but in other countries the guarantee would be funded by a bank levy and the government would then intervene as required.

The New Zealand banking system is already relatively well-capitalised by worldwide standards, but the Reserve Bank believes the country's banking system needs to be significantly more resilient and capable of withstanding a financial crisis than it is already.

Putting a deposit protection scheme in place would end New Zealand's outlier status as a country without such a scheme and would create a buffer against crisis that could reduce at least some of the need for the banks to hold more capital on their books.

New Zealand's banks have committed to ending sales incentives for frontline staff and their managers following pressure from regulators.

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Robertson also said that this new system would "increase public confidence in the banks" and would protect costumers. He also added that the government is looking forward to work to strengthen the supervision of Banks.

'Stricter Regime' Models in Australia and the United Kingdom go a step further than New Zealand's current director-attestation regime for banks by also holding senior managers to account for the prudent management of their bank within their area of responsibility, he said.

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"We want to look at the balance between the more light-handed regulatory model that the Reserve Bank has traditionally had, versus what we've been advised by the International Monetary Fund and others over the years should be a stricter regime", Robertson said.

The central bank wants the lender to provide two independent reports, one on compliance with capital adequacy rules, and another on internal governance, risk management and internal controls.

ANZ New Zealand has announced that it will work with the Reserve Bank of New Zealand (RBNZ) on an independent review of its capital models and attestation process, following the revocation of its approval to model its own operational risk and capital requirements earlier in May.

ANZ's local chief executive David Hisco abruptly left the company last week over a dispute on personal expenses which had been charged as company spending.

"Now is the right time to check we have the tools to make sure banks meet their obligations to New Zealanders, and the powers to enforce them", Finance Minister Grant Robertson said.

-The separate regulatory regimes for banks and non-bank deposit takers will be merged into one.

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