 In 1974/75 chequing accounts were introduced by the Post Office Savings Bank and several trustee savings banks.The Labour Government elected in 1984 commenced a comprehensive restructuring of the New Zealand economy, including banking deregulation.Since Databank essentially owned the New Zealand payments system, which was operated through and by Databank, the existing clearing systems had to be opened up to new banks entering the market, to provide what was referred to as a "level playing field".