There was some good news for Westpac across the Tasman. The Reserve Bank of New Zealand said Westpac NZ could keep its accreditation as an internal models bank now it has completed an "extensive remediation process". In 2017 the RBNZ found Westpac was using a number of unapproved models and had failed to meet requirements around model governance, processes and documentation. The regulator says that now the bank has "peer-leading processes, capabilities and risk models". It has removed the two percentage point overlay that had been applied to Westpac NZ's minimum capital requirements.