Business
Westpac threatens to quit NZ over tough capital rules – The Australian Financial Review
The bank is thinking about packing up in response to the RBNZ’s demands for stronger capital requirements there to protect the NZ economy.
RBNZ governor Adrian Orr said in 2019 that the move was prompted by concerns that New Zealand might not be able to rely on Australian taxpayers to bail out the New Zealand banking system if a crisis hit both economies. This presented a big risk to the NZ economy.
Westpac directly pointed a finger at the RBNZ in its statement on Wednesday, which said given the changing capital requirements in New Zealand and the RBNZ requirement to structurally separate Westpacs NZ business operations from its operations…
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