RBNZ Orders Independent Report into TSB's Capital Calculations

The Reserve Bank of New Zealand (RBNZ) has ordered an independent report into TSB's capital and liquidity calculations after the bank self-reported issues.

The RBNZ used its power under Section 95 of the Banking (Prudential Supervision) Act 1989 to request the report from Deloitte, which was enlisted earlier this month following a notice under that section.

TSB is currently undergoing a proposed merger with Heartland, and shareholders are set to vote on the deal next week.