Firefighters Credit Union is not exploring or had any discussions with South Australian fire service mutuals in relation to joining forces and is not actively seeking any merger partners. We had incorrectly included firefighters credit unions in Victoria and South Australia in a recent report on mutuals seeking mergers. Believing that Australian bank bonds are now too expensive and vulnerable to volatility or shocks, leading global bond manager Pacific Investment Management Co (PIMCO) is unwinding some of its investments in Australian bank debt. PIMCO is also cutting some of its holdings in real estate and retailers' bonds. PIMCO said that, with so many Australian households highly leveraged, consumption will be constrained and there was little buffer for "protection for any unexpected negative news in the market". It now favours debt sold by infrastructure or energy companies, reports the Sydney Morning Herald. PIMCO said it remained "relatively positive on risk assets" but was cutting some of its holdings in longer-dated bank debt, warning that risk assets are vulnerable to corrections and "this risk becomes more important as we transition to a period of a gradual tightening of monetary policy by global central banks". NZCU Baywide, New Zealand's largest credit union by assets, has successfully migrated to the Oracle Flexcube platform, a new "tier one" core banking platform, widely deployed around the world. Baywide chief executive, Gavin Earle, said the upgrade "is an integral part of our omni-channel customer approach", and follows a digital transformation strategy that started two years ago. Aotearoa Credit Union went live with a similar banking platform in August 2017. Henry Lynch, chief executive of Co-op Money NZ, the industry body for credit unions and mutuals, said "tier 1 core banking migration" is part of a wider credit union modernisation programme, with New Zealand's remaining seven credit unions expected to migrate to the Oracle platform this year.