BRIEF-RBNZ Identifies System, Controls & Risk Management Weaknesses In Review Of Banks

Reserve Bank of New Zealand: * RESERVE BANK OF NEW ZEALAND- UNDERTAKEN REVIEW OF BANKS’ COMPLIANCE WITH LIQUIDITY POLICY, IDENTIFYING SYSTEM, CONTROLS AND RISK MANAGEMENT WEAKNESSES

* RBNZ - COMPLIANCE WITH THE POLICY VARIED AMONGST BANKS, BUT WAS UNRELATED TO BANK SIZE * RBNZ - REVIEW COVERED ALL 15 LOCALLY INCORPORATED BANKS AND ONSITE INTERVIEWS WITH THE LARGEST TEN

* RBNZ - IT WAS POSITIVE WE FOUND BANKS ARE CURRENTLY MAINTAINING LIQUIDITY RATIO LEVELS ABOVE THE REGULATORY MINIMUMS * RBNZ - SOMETIMES LIQUIDITY POSITIONS WERE MORE FAVOURABLY REPORTED BY BANKS THAN COULD BE JUSTIFIED

* RBNZ- AREAS OF NON-COMPLIANCE HIGHLIGHTED GAPS IN THESE FRAMEWORKS, SUGGESTING WIDESPREAD UNDERINVESTMENT IN SYSTEMS AND ASSURANCE PROCESSES * RBNZ - PLAN TO COMMENCE A REVIEW OF THE LIQUIDITY POLICY IN THE FIRST HALF OF 2022 Source text for Eikon: Further company coverage:

Also Read: There will be credit outreach efforts by banks in every district of this country to keep momentum of stimulus: FM.