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May 17 (Reuters) - New Zealand’s central bank revoked Australia and New Zealand Banking Group’s local unit’s ability to autonomously asses its risk capital requirement on Friday, citing persistent shortcomings.
ANZ Bank New Zealand Ltd is now required by the Reserve Bank of New Zealand to use the standardised approach for calculating operational risk capital.
ANZ’s unit will now have to raise the minimum capital it holds for operation risk by around 60% to NZ$760 million ($496.4 million). ($1 = 1.5312 New Zealand dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Stephen Coates)