Mediaworks have zero contrition over RBNZ embargo breach

via RNZ

via RNZ

Instead, they’re taking a stance of indignation.

MediaWorks says it’s concerned and disappointed that the Reserve Bank has decided to exclude its journalists from media conferences, following the leak of the RBNZ’s Official Cash Rate (OCR) announcement on March 10.

The RBNZ today sent out details of an upcoming media conference about the Bank’s six-monthly Financial Stability Report. The invitation contained a note saying MediaWorks representatives would be excluded from such conferences “until further notice”.

MediaWorks, which owns Newshub, says the decision is concerning.

“Whilst MediaWorks has unreservedly apologised and accepts full responsibility for the OCR announcement breach, we are concerned and disappointed by the decision to exclude us from Reserve Bank media conferences,” the company says in a statement.

After the leak of the OCR, Deloitte’s forensic unit carried out an investigation into what happened, finding that a Newshub journalist had sent information from the media lock-up to the Newshub office.

From there it was passed on by another person to a blogger, who told the RBNZ about the leak after the official announcement.

The professional journalists at Mediaworks are blaming “the system”.  And “the system” has now been fixed, so they should be allowed back in the room with all the other grown-ups.

You have to admire the arrogance.

But that comes from the same crew that broke a number of laws, including impersonating a police officer and firearms related offences, and blamed the police and the law for their actions using the now infamous “loophole” defence.

Mediaworks are rudderless.


– Newshub


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  • Michelle

    The media are just so gobsmackingly arrogant they think they are above the law and the rest of NZ
    Be nice to see someone go in there and clean it out properly and start again with a whole new crew that don’t think they are “stars”
    Surely there must be some keen young ones who would love a chance to do a proper job?

  • Dave

    My bets are on the argument there are two very good reasons for them Banning MediaWonks.

    1) Teach Media works a lesson, and keep the ban in place for a few months
    2) Teach ALL other media organisations a lesson, Don’t leak or else.

    Win win Well done NZRB. Keep it up, they need to learn this is a privilege, not a right for the entitled ones.

  • XCIA

    “The professional journalists at Mediaworks are blaming “the system””. “Professional journalists” – who is the comedian?

    • biscuit barrel

      Thats not a quote, its a comment added. Satire is best when some dont its satire.
      The trail of breadcrumbs leads to now ex Newshub Wellington reporter “R”
      and using wayback to see which items have recently been deleted

    • kayaker

      And does it imply that there are some journalists who are professional and others who are not in the MediaWork’s stable?

      • XCIA

        The last professional journalist I knew and respected was Warren Berryman and unfortunately he has gone to the happy hunting ground.

        • Nermal

          And Noel Holmes

  • jonno1

    MediaWorks’ arrogance aside, this is a classic example of actions having consequences, even in the absence of a direct penalty. Regret or an apology, however well meant, does not exclude those consequences. At a personal level this might equate to smoking leading to cancer, or drinking leading to job loss, or adultery leading to marriage breakdown. Of course there are positive examples too, such as studying leading to improved job prospects, saving leading to home ownership, and so on.

  • Missy_Mink

    I’m seldom aligned with your point of view BB but I do look forward to readings your posts. In this case I do agree “the secret to these things is to get them thinking its their idea”. However, that strategy takes time and is easier said than done!

  • Totara

    I’m concerned and dissapointed that the Reserve Bank of New Zealand had such poor judgement that they allowed MediaWorks to access market-sensitive information in the first place.

    Banks operate on the principle of assessing people’s credibility, and thus ‘creditability’ for loans. In this case the Reserve Bank failed to understand what ordinary Kiwis have figured out: which is that journalists lack of credibility makes them New Zealand’s least trusted profession.

  • biscuit barrel

    I apologise for that.

  • kayaker

    Good to see old school discipline playing out.

  • Nebman

    I had an ex like that. She could never understand that apologizing to someone because they were unhappy with something she said was not the same as apologizing for saying the offending things in the first place and when forgiveness was not automatically forthcoming, she felt the onus was on them to just “get over it” because she had.

    Among the many reasons she is an ex!

  • Big fella

    I have a sister exactly like that. Bag of filth. Haven’t seen her for years. Don’t think she was your ex though. Lucky you.

  • WBC

    This is not only the crew that have brazenly broken laws, it is the crew that just recently planned a stunt to put a nude women on TV in prime time and is too deceitful to admit that it was deliberate. Not even the opposing Media Hub is calling them out.

    They are really not very smart. This is probably good though, it means their falsehoods are poorly constructed and easy to see through.

  • localnews

    I’m very surprised that the name hasn’t come out. There can’t be very many media works financial journalists, and the other half dozen are presumably making sure that all their professional contacts know it wasn’t them.

  • Platinum Fox

    Mediaworks hasn’t twigged to the fact that this exclusion of its journalists from RBNZ’s press conferences is so far its only punishment by RBNZ for one of its staffers breaching the embargo on publishing the information provided in a lock-up.
    The cancellation of lock-ups was a process change applied by RBNZ to all media given the difficulty created by modern technology in preventing future breaches of the confidentiality of lock-ups.
    An even more stringent penalty which could be applied to Mediaworks would be to continue to hold lock-ups but only on the basis that Mediaworks’ representatives were not permitted to carry any recording or communication devices other than a pen and paper.