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Australia and New Zealand Banking Group Ltd Add to portfolio

XJO:ANZ, Aug 23, 08:27 UTC

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Fed: July rate cut was a mid-cycle adjustment – ANZ

ANZ

Fed: July rate cut was a mid-cycle adjustment – ANZ By Sandeep Kanihama | August 22, 2019 09:07 GMT. According to ANZ analysts, the FOMC minutes for the July meeting came and went with little fanfare. “Most officials viewed the July rate cut as a mid-cycle adjustment in response to the evolution of the economic outlook. “Guidance from here remains data dependant, with minutes noting policy needs to be guided by incoming information, and avoid any appearance of following a pre-set course. Since the July meeting, Trump has announced an additional 10% tariff on imports from China, so it’s fair to say the world has changed a bit.

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NZ watchdog blasts ANZ over property sale

ANZ

The finding by New Zealand's Financial Markets Authority (FMA) adds to pressure on the country's largest lender to improve its internal risk controls. The financial watchdog referred the sale to the Reserve Bank of New Zealand (RBNZ) and the Australian Prudential Regulation Authority (APRA), the corporate regulators in each country. While the RBNZ stopped short of flagging any potential penalty for the lack of disclosure, it told Reuters the transaction is being looked at as part of a wider enquiry into the bank. Following a similar review in Australia, the country's banking regulator in July fined ANZ and two of its peers $A500 million each for poor risk management and governance practices. FMA added that it had not investigated suggestions that the NZ$6.9 million ($A6.5 million) sale price for the property was inappropriate.

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UPDATE 1-NZ watchdog blasts ANZ unit for non-disclosure of property sale

ANZ

Visit our Privacy Policy to learn more or manage your personal preferences in our Cookie Consent Tool. UPDATE 1-NZ watchdog blasts ANZ unit for non-disclosure of property sale. The financial watchdog referred the sale to the Reserve Bank of New Zealand (RBNZ) and the Australian Prudential Regulation Authority (APRA), the corporate regulators in each country. While the RBNZ stopped short of flagging any potential penalty for the lack of disclosure, it told Reuters the transaction is being looked at as part of a wider enquiry into the bank. Hisco, who was head of ANZ's New Zealand unit from 2010, abruptly departed the bank in June, amid a dispute about personal expenses including payments for chauffeurs and wine storage that were logged as business expenses rather than personal.

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FMA says ANZ should have reported Hisco house sale

ANZ

Aug. 22 (BusinessDesk) - The Financial Markets Authority says ANZ Bank should have treated the sale of a house in Auckland to former chief executive David Hisco’s wife as a related-party transaction in the bank’s 2017 financial statements. The property at 269 St Heliers Bay Road was sold to Hisco’s wife, Deborah Veronica Walsh, for $6.9 million. “ANZ New Zealand and its board takes financial reporting obligations very seriously and acknowledge that the FMA has reached a different conclusion to that reached by ANZ New Zealand and its external auditor,” it says. “ANZ New Zealand welcomes this opportunity to gain further clarity on the FMA’s expectations regarding the disclosure of related-party transactions and, as a result of this matter, will consider the impact on its internal financial reporting processes and continue to enhance those processes where necessary.”.

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FMA finding on ANZ related party transaction

ANZ

The FMA said today it has completed its inquiry into disclosure by ANZ of the sale of the property at 269 St Heliers Bay Road by Arawata Assets Limited to Deborah Veronica Walsh (the wife of former CEO, David Hisco) and has determined that ANZ New Zealand Group should have disclosed this as a related party transaction in its 2017 financial statements. The FMA determination is primarily based on the nature of the transaction which, in our view, makes this disclosure material for the financial reporting purposes. ANZ disagrees with the FMA’s finding as it considers the transaction not to be material information on the basis that this disclosure could not influence the economic decisions of the users of financial statements. The FMA has engaged with NZICA as the front line regulator for auditors, for it to consider whether to assess the auditor’s procedures in determining the disclosures in the audited 2017 financial statements.

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Wednesday, August 21


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ANZ (OTCMKTS:ANZBY) Rating Increased to Hold at Zacks Investment Research – Riverton Roll

ANZ

ANZ (OTCMKTS:ANZBY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday, Zacks.com reports. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. ANZ presently has a consensus rating of “Hold” and a consensus target price of $22.00. The company's Australia division offers retail products and services to consumers through the branch network, mortgage specialists, contact centers, and third party brokers, as well as self-service channels, such as Internet banking, phone banking, ATMs, Website, and digital banking; and banking products and financial services, including asset financing to medium to large commercial customers, agribusiness customers, small business owners, high net worth individuals, and family groups.

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Markets: Waiting for guidance – ANZ

ANZ

Markets: Waiting for guidance – ANZ By Sandeep Kanihama | August 21, 2019 04:42 GMT. According to ANZ analysts, global markets traded on little news flow as investors await guidance from central bankers into the end of the week. “The FOMC minutes for July, due tomorrow, will provide details leading to the first Fed rate cut in a decade. ECB minutes are due the next day. But the big event is the annual Jackson Hole symposium, which will focus on “Challenges for Monetary Policy”.”.

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Tuesday, August 20


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APRA, RBNZ give ANZ Bank a headache over capital

ANZ

Aug. 20 (BusinessDesk) - The Australian banking regulator has decided to go ahead with its proposal to halve the limit on the exposures of Australian banks to their subsidiaries, catching ANZ Bank between opposing regulatory requirements on each side of the Tasman. While the Australian Prudential Regulation Authority wants Australian banks to limit their capital exposures to subsidiaries, New Zealand's banking regulator, the Reserve Bank, wants the New Zealand subsidiaries to increase the amount of capital they hold. Its deputy chair, John Lonsdale, says APRA has only limited visibility of Australian banks’ operations in foreign jurisdictions. ‘’Furthermore, complex group structures could potentially make it difficult for APRA to resolve an ADI quickly and protect depositors’ savings in the unlikely event of a bank failure.”. “As a result, ANZ NZ may be required to retain a higher proportion of its earnings to meet any potential increased capital requirements and any future capital required in New Zealand may also need to be held at a group level,” it says.

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UPDATE 3-ANZ may need to ring-fence New Zealand profits after overseas exposure curb

ANZ NZDUSD +2 more ANZ NZDUSD EURNZD NAB

ANZ, Australia's No.4 lender by market value, sources over a fifth of its profits from New Zealand, where it is the largest lender, benefiting from dividend distributions to the parent worth almost all of the unit's profits. Its capital exposure to the unit is currently "approaching" APRA's revised limit, analysts said. "ANZ NZ may be required to retain a higher proportion of its earnings to meet any potential increased capital requirements and any future capital required in New Zealand may also need to be held at a Group level," it said in the statement. Commonwealth Bank of Australia said there was "sufficient capacity" under the regulator's lower limits to accommodate its foreign exposures, including taking into account the additional capital requirement for New Zealand banks.

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ANZ says NZ unit to be hit new rules limiting its exposure to units

ANZ

Visit our Privacy Policy to learn more or manage your personal preferences in our Cookie Consent Tool. ANZ says NZ unit to be hit new rules limiting its exposure to units. Aug 20 (Reuters) - Australia and New Zealand Banking Group said on Tuesday that its New Zealand unit will be most affected by a move by Australia's financial watchdog to limit exposure of a parent lender to its units. The country's fourth-largest lender by market value said the Australian Prudential Regulation Authority's announcement may limit its ability to inject capital into ANZ Bank New Zealand, and that the unit will have to hold a larger portion of its earnings to meet capital requirements locally.

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