The Reserve Bank has concerns over Westpac New Zealand's risk governance processes. Photo / Glenn JeffreyThe Reserve Bank has told Westpac it must commission two independent reports to address concerns the regulator has around the bank's risk governance processes. Geoff Bascand, deputy governor and general manager of financial stability at the Reserve Bank, said it had experienced ongoing compliance issues with Westpac New Zealand in recent years. The bank regulator can require the reports under section 95 of the Reserve Bank of New Zealand Act 1989. The Reserve Bank noted that it was confident that Westpac New Zealand's current liquidity and funding positions were sound and that the bank was well capitalised.

Source: New Zealand Herald March 23, 2021 20:41 UTC