ANZ refuses to comment on reports it sold luxury house at a loss to David Hisco's wife

ANZ is refusing to comment on reports it sold a luxury Auckland house at a loss to the wife of its recently departed CEO David Hisco.

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Bank chairman and former PM John Key delivered the news today. Source: 1 NEWS

The upmarket property at 269 St Heliers Bay Road was reportedly sold to Mr Hisco’s wife, Deborah Walsh, at $6.9 million despite a QV valuation of more than $10 million.

The ANZ has been under pressure to reveal more details of Mr Hisco's expenses package after he was removed from his position last week by ANZ Chairman and former Prime Minister Sir John Key.

In a statement, Stephan Herrick of ANZ’s Corporate Affairs says: "The bank bought the house when David arrived in New Zealand. The housing allowance that David received as part of his expat arrangements – which was disclosed annually - was offset by the market rent David was required to pay ANZ for the house.

The house was eventually sold by the bank to his wife based on market valuations done at the time.

We have made all disclosures over David’s employment arrangements that we are legally obliged to.

This remains an employment matter, and while we've been open about the circumstances of David’s departure from ANZ, it isn’t appropriate to discuss his personal employment arrangements in any further detail."

Inland Revenue says section 18 of the Tax Administration Act prevents it from discussing "any aspect of an individual taxpayer’s situation or affairs".