RBNZ Deputy Bascand Left Role Early After Breach of Protocol

(Bloomberg) -- The Reserve Bank of New Zealand said Deputy Governor Geoff Bascand left his role earlier than planned after breaching protocol by sharing information about the bank’s leadership reorganization.

Bascand departed on Dec. 17 rather than in early January as originally intended, an RBNZ spokesperson said in an emailed statement Thursday in Wellington. His departure was first reported by the National Business Review. 

“Bascand disclosed that he had shared information about the RBNZ’s leadership reorganization to a third party which was unauthorized and a breach of protocol,” the spokesperson said. “Bascand apologized for his actions and accepts it was a lapse in judgment. The RBNZ Board and the Minister of Finance have been informed.”

Bascand, who had been at the RBNZ more than eight years, is among a number of senior officials leaving the bank amid a shake-up in the leadership structure. Last month, Finance Minister Grant Robertson publicly expressed confidence in Governor Adrian Orr after opposition members on parliament’s finance and expenditure select committee took Orr to task, suggesting the departures reflected on his leadership style.

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