ANALYSIS: New Zealand's largest bank ANZ has suffered the humiliation of being stripped of its right to self-monitor its capital buffers. The settlements were believed to be the largest in New Zealand commercial history, with ANZ paying the Inland Revenue $413.7m in primary tax and interest in return for the Inland Revenue dropping legal proceedings. The errors were spotted by the Inland Revenue and ANZ, not the KiwiSaver scheme's trustee or auditor, the bank said at the time. ANDREW MEARES/FAIRFAX MEDIA Shayne Elliott, ANZ chief executive, tells the Australian Royal Commission that he cares about customers. ANZ chief executive Shayne Elliott said: "This is a defining moment for both our company and industry.

Source: Stuff June 06, 2019 15:56 UTC