Motivations for Adrian Orr’s resignation as RBNZ Governor revealed
The Reserve Bank of New Zealand (RBNZ) has been drawing criticism this week after it has been revealed that the public was not told the full story of RBNZ Governor Adrian Orr’s resignation in March.
At the time, the RBNZ said Orr’s resignation was ‘a personal decision’ and that now was the ‘right time’ to resign, with inflation back in the 1% to 3% target band. After journalists put through an Official Information Act (OIA) request, it has been revealed that Orr resigned after a dispute with the board of directors over the RBNZ’s five-year funding plan negotiated with the Government. The summary of events shows that the board was willing to agree to a considerably lesser amount of funding than Orr thought was viable.
The RBNZ missed OIA deadlines after journalists made OIA requests to the bank shortly after Orr resigned on March 5.
Finance Minister Nicola Willis said,
“I have spoken to Chairperson Neil Quigley and expressed my view that they did not manage that OIA request well and that I expect them to do better.”
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