Nearly a quarter of Auckland’s mortgaged homes at risk from 1-in-100 year floods

IMAGE: Reserve Bank

Nearly a quarter of New Zealand banks’ residential mortgage exposures in Auckland are ‘at-risk’ to a 1-in-100 year rainfall flood event, according to new data from the Reserve Bank.

Deputy governor Christian Hawkesby says the Reserve Bank assessed the country’s largest banks’ residential mortgage exposures to flooding risk to get a better understanding of climate change’s risks to financial stability.