Kiwibank acknowledges that it did not comply with its liquidity calculation obligations. A copy of the Reserve Bank’s announcement in relation to materiality can be found here.
As noted by the Reserve Bank, Kiwibank’s regulatory liquidity ratios remained well above its own internal limits and the central bank’s minimum regulatory ratios. This means Kiwibank’s funding and liquidity positions always remained sound, and the bank is well capitalised.
Kiwibank has engaged constructively with the Reserve Bank prior to and during the Reserve Bank’s Liquidity Thematic Review and has agreed a plan to continue to remediate outstanding issues.