"Our people's expectation is that we are doing what we can to protect and safeguard our taonga.
"That's what we have an issue with - that they have attributed the panels to Te Hau ki Turanga and never sought our tribal consent."
Ms Rauna said the wharenui was not in its original form, and the panels had not been made by Te Hau ki Turanga weavers.
"It's gone through a number of different changes over the 100 years it's been with the Dominion Museum and now Te Papa," she said.
Ms Rauna said she was first alerted to the use of the panels by a weaver who were asked to replicate the panel for the Reserve Bank.
Te Hau ki Turanga wharenui was built in 1842 Orakaiapu pa, near Gisborne, and is one of the oldest surviving wharenui in the world.
According to Te Ara, it was confiscated in 1867 by then Native Minister JC Richmond and its carvings were taken to Wellington, before being reconstructed at the Dominion Museum in the 1930s.
The Waitangi Tribunal has ruled the house was wrongfully taken and Te Papa has agreed to return it to the people of Rongowhakaata by 2017.
Rongowhakaata Iwi Trust chair George Ria said the bank's acknowledgement of the error enabled the trust to "move forward in the right way to celebrate Maori culture on the notes."