Reserve Bank announces new governor

Finance Minister announced Adrian Orr as the new RBNZ governor yesterday

Reserve Bank announces new governor

Finance Minister Grant Robertson announced Adrian Orr as the new Reserve Bank governor yesterday.

Orr will take over from acting governor Grant Spencer from March 27, 2018.

Robertson said the RBNZ board was unanimous in their decision to appoint Orr. He has been appointed for a five-year term, and will take over at the completion of acting governor Spencer’s term next March.

“I’m delighted the board has been able to secure a governor with such a strong track record of delivery and public service. Mr Orr has the technical and leadership qualities required to be governor and CEO of the Reserve Bank. Further, I consider that he has the skills necessary to successfully lead the Bank through a period of change,” he said.

Reserve Bank chairman professor Neil Quigley said: “Adrian Orr has a significant breadth of knowledge across central and commercial banking, economics, financial markets and regulation.

“Together with his chief executive experience at the New Zealand Superannuation Fund, the board agreed unanimously that he can bring to the role of governor of the Reserve Bank strong leadership and commitment to ensure the Bank is fit for its wide role in the New Zealand economy,” Quigley said.

The government announced a review of the Reserve Bank Act in last month.

The first phase of the review, dealing with the objectives and decision-making processes, and role of the board, will be substantively completed by the end of March.

Orr is currently the chief executive of the New Zealand Superannuation Fund, a position he has held since 2007.


 

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