Face of the Day

The Reserve Bank of New Zealand (RBNZ) has confirmed Adrian Orr resigned as governor as he wanted more funding for the central bank than the government was willing to provide.

The bank said in a statement released under the Official Information Act that its board, chaired by Neil Quigley, conceded a lesser amount of funding was fine.

“This led to Mr Orr’s personal decision that he had achieved all he could as governor of the Reserve Bank and could not continue in that role with significantly less funding than he thought was viable for the organisation,” the RBNZ said.

“Mr Orr and Professor Quigley entered discussions which led to Mr Orr’s decision to resign. The matter was distressing for Mr Orr.

“Both parties engaged senior counsel to negotiate an appropriate exit agreement. In the circumstances, an immediate departure and special leave for Mr Orr was appropriate, although he agreed to provide handover support.”

NZ Herald