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Rabobank New Zealand Limited

The Reserve Bank is reminding registered banks of their obligations under Part 5 of the Reserve Bank of New Zealand Act 1989 (“the Act”), after sending a warning to Rabobank New Zealand Limited for failing to maintain a current rating of its creditworthiness, as required under section 80 of the Act.

Rabobank New Zealand Limited has acknowledged its mistake in withdrawing its credit rating, and acted promptly to remedy the situation when drawn to its attention. It has committed to take remedial measures to prevent similar issues in future.