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Westpac punished by RBNZ for miscalculating liquidity – The Australian Financial Review
Westpac will commission two independent reports into its risk governance and financial ratio calculations in NZ after being pinged by the RBNZ.
Westpac on December 3 said it had entered into an enforceable undertaking with APRA on risk governance remediation. Westpac also self-reported the liquidity issues to APRA, which also ordered Westpac to commission an independent review of its systems. APRA is currently considering the remediation plans submitted by Westpac.
Westpac New Zealand acknowledges the importance of liquidity and risk governance obligations and will support the independent reviewers to provide the necessary reports to the…
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