Westpac Financial Performance Update
39 |
New Zealand regulatory changes
Summary of key regulatory changes
New Zealand Covered Bond legislation
•
RBNZ (Covered Bonds) Amendment Act 2013
.
•
•
RBNZ LVR restrictions
•
October 2013 - Limit 10% >80% LVR
.
June 2015 Outside Auckland - Limit 15% >80%
LVR
RBNZ Investor Housing Loans
·
·
Limit 5% >70% LVR on Investor Housing Loans in
Auckland
Higher RWA for Capital purposes on non-Owner
Occupied to be introduced later in 2015
APRA LCR regulations January 2015
100% Liquidity Coverage Ratio for 1 month
maturities.
Term Deposits must honour contractual Term, or
30 days notice for economic break
•
.
.
Legislation passed December 2013
•
RBNZ (Covered Bonds) Amendment Act 2013
Programme must be registered with RBNZ
•
WNZL first New Zealand bank registered - April
2014
Non compliance, RBNZ can compel issuer to take
immediate corrective action
Cover Pool (SPV) is not an associated, related or
subsidiary company under Statutory Management
regime
. Cover Pool Monitor
Independent Auditor (PwC)
•
Verify all calculations
Moment in time observation
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