Is BNZ secret deal costing Kiwi jobs

The BNZ has been in the news this week with stories over a secret accommodation with the Reserve Bank to allow core information technology systems to stay in Australia.

Finsec has said that the deal could undermine the policy on bank outsourcing that requires the four big New Zealand banks to be able to function independently of their Australian parent companies, and for approval to be given before outsourcing core processing functions.

Finsec Union Council Chair Callum Francis says that to not move the work here would be a wasted opportunity to create jobs in New Zealand. “The NZ economy would definitely benefit from these BNZ jobs coming to New Zealand. Also, most New Zealanders would prefer to have their information be held locally rather than overseas.”

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