30 May 2022

Westpac NZ welcomes the findings of an independent review by Deloitte into the bank’s liquidity risk controls and risk culture, and says it is concentrating on completing remaining actions.

Deloitte’s report was released by the Reserve Bank of New Zealand (RBNZ) today.

The RBNZ had required Westpac NZ to commission the review following the identification of breaches of the RBNZ’s Liquidity Policy (BS13) and potential non-compliance identified through the RBNZ’s liquidity thematic review.

Westpac NZ Chief Executive Catherine McGrath says she is pleased with the progress documented in the review.

“The report by Deloitte found Westpac NZ had improved its liquidity control environment, and did not identify any material control gaps or issues. 

“However, we agree that further refinements can be made and we’ll be building that into our continuous improvement activity.

“Our team has put significant effort into enhancing our risk culture and we were pleased to see that acknowledged in the report. We will continue to maintain a strong focus in these areas.

“Westpac NZ’s current liquidity and funding positions are sound, and the bank is well capitalised.”