The Reserve Bank of New Zealand has launched a public material breach register to “aid transparency of compliance with key bank prudential requirements”. 

From now on, New Zealand registered banks which breach prudential requirements such as minimum capital levels, liquidity management and corporate governance will be named on a new breach register on the regulator’s website and will also have to disclose the breach in their next Disclosure Statement.

“The publication of the register collates material breaches from the banks we regulate in one place and aligns with our aim to be an open, transparent regulator,” RBNZ deputy governor Christian Hawkesby said.

Three banks – Westpac, Southland Building Society and Kiwibank – are already listed on the website for breaches that they became aware of in 2021. 

“The banks that are currently featured on the register (as of today’s release) were compliant with the Reserve Bank’s liquidity and capital requirements as at 31 December 2021 (the date of our latest Bank Financial Strength Dashboard update)”, the RBNZ said.