Government and Reserve Bank can stop ANZ National offshoring in national interest

Bank workers union Finsec is calling on the Reserve Bank to step in and prevent ANZ National from sending 500 jobs and key bank functions to India and for the Government to support such a move.

“The Reserve Bank can protect New Zealand jobs. We are calling on the Reserve Bank to use all mechanisms it currently has and develop more if needed to stop this unnecessary attack on New Zealand workers and bank customers,”said Finsec Campaigns Director Andrew Campbell.

“The Reserve Bank can and should protect New Zealand bank customers from the risk posed by the proposal. If there is any failure of the operation in Bangalore, the impact on the bank’s ability to operate, ensure customer’s access to funds and meet their other requirements could all be in question,” said Finsec Campaigns Director Andrew Campbell.

In addition Finsec is calling for a change to Reserve Bank outsourcing policy by introducing a national interest provision, as the Government has done to the Overseas Investment Act. Campbell said the stability of our banking system is of huge strategic importance to New Zealand and needs to protected.

“The big banks have a major impact on our economy. As such we are calling on the Reserve Bank and the Government to ensure a national interest test is added to the outsourcing policy. This will help to protect jobs and future proof the impact of banks offshoring on the New Zealand economy,” said Campbell.

Campbell said that the Reserve Bank had to act to ensure that future incremental offshoring did not result in a threat to the stability of New Zealand’s banking system. “The Reserve Bank needs to act now.”

ENDS

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