Members of Heritage Isle Credit Union have voted for a merger with Police Bank. From May 1, HICU takes on the new 'Bank of Heritage Isle' name. The merged organisation represents 74,000 members and with assets of over A$1.9 Billion. New Reserve Bank governor Adrian Orr gave his first television interview over the weekend (and the first by a RBNZ governor in more than five years), and told 'Q&A' that he saw no need for an inquiry into misconduct by banks and financial institutions in New Zealand. Orr said banking in Australia "was not a happy situation", adding: "The true problem and challenge that is going on in Australia is cultural. It's not whether the regulator was awake or asleep. It's cultural." But Orr insisted that banks in New Zealand, in contrast, were "infinitely better", describing them as highly capitalised and highly efficient.