US EditionReserve Bank Chair Resigns with Immediate Effect
Neil Quigley resigned after public disapproval of his handling of Governor Adrian Orr's exit and Official Information Act requests, following a Chief Ombudsman inquiry.
- On Friday, Finance Minister Nicola Willis announced Neil Quigley, Chair of the Reserve Bank of New Zealand, resigned with immediate effect, noting `Mr Quigley has decided that having overseen a number of key workstreams for the Bank, now is the appropriate time for him to hand over to a new Chair`.
- Board documents indicate Adrian Orr, former Governor of the Reserve Bank of New Zealand, left on February 27 after a statement of concerns and exit agreement, while Neil Quigley called it a "personal decision" on March 5.
- On Wednesday, emails showed a Reserve Bank-Treasury spat over disclosure; Quigley's exit followed the Chief Ombudsman's inquiry, with Brad Olsen and Barbara Edmonds citing trust and transparency concerns.
- Deputy chair Rodger Finlay will exercise the functions of chair until a new appointment is made, while the recruitment process is well-advanced with an appointment expected in the next few weeks, Nicola Willis said.
- Analysts say the exit offers a reset with new leadership, critics argued Quigley's presence harmed trust, and the next week will be telling as the Reserve Bank board vacancy fills amid the Ombudsman inquiry.
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Total News Sources12
Leaning Left3Leaning Right0Center3Last UpdatedBias Distribution50% Left, 50% Center
Bias Distribution
- 50% of the sources lean Left, 50% of the sources are Center
50% Center
L 50%
C 50%
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