Mortgage insurer Genworth has appointed Andrew Cormack to the position of chief risk officer. Cormack is moving to Australia from Genworth in Europe, where he has worked for 16 years and was most recently CRO for that region. Moody's Investors Service said the performance of New Zealand covered bond programs during Q2 2015 continued to be supported by New Zealand's stable Aaa sovereign rating, the stable credit profiles of the issuers and the stable credit quality of the cover pool assets. The weighted average current loan-to-value ratios of the residential mortgage loans in the cover pools ranged between 44.0 per cent and 56.8 per cent, and Moody's expects macro-prudential measures implemented by the Reserve Bank of New Zealand, (which it said been effective in limiting the banks' exposures to higher-risk lending) to continue.