November 19, 2019 / 2:46 AM / 19 days ago

NZ cenbank to ramp up monitoring of BNZ over capital calculation errors

WELLINGTON, Nov 19 (Reuters) - New Zealand’s central bank said on Tuesday it was stepping up monitoring of Bank of New Zealand (BNZ) after identifying weaknesses in the bank’s capital calculation processes.

The Reserve Bank of New Zealand (RBNZ), which supervises the banking sector, said BNZ, whose parent company is National Australia Bank Ltd, had made three capital calculation errors.

“It is now required to increase the risk weight floor of its operational risk capital model from $350 million to $600 million capital,” the RBNZ said in a statement. (Reporting by Charlotte Greenfield; Editing by Clarence Fernandez)

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