We analyse Z contributions to FCNC processes at the one-loop level. In analogy to the CKM matrix we introduce two 3×3 unitary matrices ∆d (Z ) and ∆u (Z ) which are also hermitian. They govern the flavour interactions mediated by Z between downquarks and up-quarks, respectively, with ∆d (Z ) = ∆u (Z ) ≡ ∆L (Z ) for left-handed currents due to the unbroken SU(2) L gauge symmetry. This assures the suppression of these contributions to all Z mediated FCNC processes at the one-loop level. As, in contrast to the GIM mechanism, one-loop Z contributions to flavour observables in K and B s,d systems are governed by down-quark masses, they are O(m 2 b /M 2 Z ) and negligible. With the O(m 2 t /M 2 Z ) suppression they are likely negligible also in the D system. We present an explicit parametrization of ∆L (Z ) in terms of two mixing angles and two complex phases that distinguishes it profoundly from the CKM matrix.