June 23, 2019 / 9:58 PM / 3 months ago

RBNZ seeks assurance reports from ANZ New Zealand unit

WELLINGTON, June 24 (Reuters) - Reserve Bank of New Zealand (RBNZ) said in a statement on Monday that it had asked for two reports from the local unit of ANZ Bank to provide assurance it was operating in a prudent manner.

The first report will cover ANZ New Zealand’s compliance with RBNZ’s current and historic capital adequacy requirements and the second report will assess the effectiveness of ANZ New Zealand’s Director’s Attestation and Assurance framework, focusing on internal governance, risk management and internal controls.

ANZ said in a separate statement that it would work with RBNZ to commission an independent third party to look at its compliance with capital adequacy requirements. (Reporting by Praveen Menon; Editing by Peter Cooney)

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