Westpac Banking (NZE:WBC, ASX:WBC) requested the Reserve Bank of New Zealand to review the 2019 capital adequacy rules, calling it more cautious than most countries, interest.co.nz reported on Wednesday, citing Chief Executive Catherine McGrath and Chairwoman Pip Greenwood.
The bank claimed that the higher capital requirements will add about NZ$20,000 per year to the cost of an average NZ$4.4 million farm loan once fully implemented, which could negatively impact borrowers, according to the report.
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