New Zealand Finance Minister Backs Orr Amid RBNZ Departures

Tracy Withers

15 Dec 2021, 08:41 AM IST

(Bloomberg) -- New Zealand Finance Minister Grant Robertson expressed confidence in central bank Governor Adrian Orr after a number of senior officials announced they are leaving the bank.

Asked Wednesday in Wellington if he has confidence in Orr, Robertson told reporters: “Yes I do. I think Adrian Orr has done a great job under a very, very challenging time as the governor of the Reserve Bank.”

Deputy Governor Geoff Bascand and Chief Economist Yuong Ha are set to exit the RBNZ early next year, while a number of other senior officials have also announced their intention to leave. Earlier Wednesday, opposition members on parliament’s finance and expenditure select committee took Orr to task, suggesting the departures reflected on his leadership style.

Orr rejected those accusations. He said the RBNZ is going through significant growth and operational change, and noted that the senior leadership team is increasing to eight from six.

“What you have been talking about in part is outcomes of individual choices of whether they want to stay or go,” he said.

Late yesterday, the RBNZ said Head of Supervision Andy Wood and Head of Financial System Policy and Analysis Toby Fiennes will leave over the coming months. Chief Financial Officer Mike Wolyncewicz will leave in May.

Overall, 10 senior managers have either left in the last six months or plan to leave in coming months, the RBNZ said a statement on its website today. Those people are among the 26 staff in senior leadership roles as at June 30 this year. The bank plans to have a total of 36 when a new management structure is fully implemented in 2022.

Robertson said he doesn’t get involved in staffing issues at the independent central bank, but those sorts of topics are discussed in his regular meetings with the chair of the RBNZ board.

“The level of confidence I have in Adrian relates to the way he is performing his role as governor with respect to the agreements I have with him, and I retain that confidence,” Robertson said. “I think Adrian has done a remarkable job through this period of time. He’s a passionate person, and he’s somebody who has delivered results.”