ANZ acknowledges RBNZ's review of key capital settings

ANZ Bank New Zealand Limited (ANZ) acknowledges the Reserve Bank of New Zealand’s (RBNZ) consultation paper on the review of key capital settings (the Review). The Review includes several proposals including to simplify capital requirements by removing additional tier 1 (AT1) capital. It also outlined an option, that if implemented would require certain banks, including ANZ, to issue tier 2 capital instruments to their Australian parent banks rather than externally. Under the current capital requirements prescribed by RBNZ, ANZ’s • perpetual preference shares issued in July 2022 (ANBHC) and March 2024 (ANBHD) are eligible as AT1 capital; and • subordinated debt issued in September 2021 (ANB170) is eligible as tier 2 capital. RBNZ are aiming to make the final decisions of the Review by the end of 2025. The outcome of the Review remains uncertain. Penny Dell Treasurer 021 624 293 nztreasurer@anz.com