162APowers must not be exercised to lessen employee entitlements

162A Powers must not be exercised to lessen employee entitlements

The Reserve Bank must not take action in accordance with this Part in relation to a designated entity if:

(a) the action would result in the entitlements of an employee of the designated entity being less beneficial than they were immediately before the action was taken; or

(b) each of the following are satisfied:

(i) there is an employee (the current employee) of the designated entity immediately before the action is taken;

(ii) the action would result in the engagement of a person (the new employee) to perform the same, or substantially the same, work as that performed by the current employee;

(iii) the entitlements of the new employee would be less beneficial than the entitlements of the current employee.