The executive management of the BNZ ( Bank of New Zealand) wanted to obtain a computer and establish a computerised system to automate the processing of its banking transactions and customer accounting. Computers (like many items) could only be imported under licence. The formation of Databank came at a time when computer systems were a scarce and expensive commodity in New Zealand, with the import of computers being restricted by the Second National Government (a conservative but highly regulatory government). The Agreement was between the consortium members, and was essentially about the services and service levels to be provided by Databank, and the constraints that would exist to ensure that lead bank ownership of any new application/system, and bank competitiveness, were maintained. The purpose of Databank was defined within a set of contractual obligations in the 1969 Processing Agreement. The company was set up in 1967, and in 12 years grew to be the largest non-Government data processing organisation in the Southern Hemisphere, servicing more than 1,200 banking offices. Databank Systems Limited was the name of a not-for-profit "off balance sheet" company set up by a consortium of competing banks in New Zealand, to operate on what is nowadays termed a " Shared services Agency" basis, to provide computing resources (development and operational) for the consortium members.
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