Former investment banker Rodger Finlay has been appointed chair of the Reserve Bank of New Zealand.
Finlay, who had been exercising the functions of the chair since August, has filled a role left open after former chairperson Neil Quigley resigned with immediate effect over his handling of the sudden resignation of Adrian Orr earlier this year.
The appointment comes ahead of Swedish economist Anna Breman starting as the Reserve Bank Governor on December 1.
Finance Minister Nicola Willis, who recommended Finlay, said it was the latest milestone in the refresh of the central bank.
“I have confidence in him to lead the work to deliver on the Government’s expectations for increased accountability, transparency and fiscal discipline and to focus on the Bank’s statutory responsibilities.”
The Government has signalled a broader reset for the Reserve Bank, including a new Governor, new board members, a revamped Monetary Policy Committee, and a leaner funding agreement.
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Finlay said it was a privilege to be appointed as the RBNZ Board Chair.
“The past year has seen wide-ranging change for the Reserve Bank and I look forward to supporting a renewed focus on effectively and efficiently delivering the Bank’s economic, financial stability, and broader central banking objectives. I am also looking forward to working with our incoming Governor, Dr Anna Breman.”
The leadership shake-up comes after a period of turmoil for the Reserve Bank.
Orr resigned as Governor in March after a dispute over funding, with documents later revealing he sought more than $1 billion for the next five years. The Government instead imposed a 25% cut, prompting his exit.
Quigley stepped down in August amid criticism of his handling of the saga, with Willis saying she would have asked for his resignation if he hadn’t offered it.
