RBNZ sanctions bank over capital calculation errors
The Reserve Bank of New Zealand (RBNZ) has imposed sanctions on one of the banks it supervises, after “errors” came to light in the bank’s capital calculation methods.
Bank of New Zealand (BNZ) discovered the issues itself while “undertaking a process of remediation”, the RBNZ said in a statement. The bank identified three capital calculation errors, which resulted in misreported risk weights “over a number of years”.
The RBNZ has required that the bank raise the risk weight floor for
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