RBNZ: New Zealand’s biggest bank cannot use own risk capital model

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The Reserve Bank of New Zealand withdrew its permission for the country’s biggest commercial bank to assess its own operational risk capital today (May 17).

The RBNZ said Australia and New Zealand Banking Group (ANZ) has persistently failed in its internal controls and attestation processes. As a result, ANZ is “now required to use the standardised approach for calculating appropriate operational risk capital”, the central bank said in a statement.

“The reserve bank’s role is to review and

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