A problem with its loan interest calculator launched in March 2015 resulted in ANZ New Zealand undercharging around 100,000 loan customers. ANZ said it was in the process of crediting NZ$10 million to affected customers. The loan calculator was used to calculate customer repayments and loan terms when they asked for changes to their home, personal or commercial loans. It took until March 2016 for ANZ to discover the fault, and almost another year for it to report it to the Commerce Commission, reports The NZ Herald. The commission confirmed it has an "open investigation" underway into ANZ as a result. The issue was only revealed after a whistleblower contacted the press, reports interest.co.nz. Industry super fund-owned bank ME has named Michael Hendricks, a 30 years' financial services industry veteran, as its general manager of cards and payments, effective 1 May 2018. This is a key appointment as the cards and payments business is expected to contribute "significantly" to ME's growth in future years, the bank said. Hendricks is currently acting chief risk officer and joined ME in February 2015 as general manager credit risk. He guided the bank through a period of record home loan growth, maintaining strong credit quality and upgraded the bank's approach to data-driven decision making.