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RNZ News
2 days ago
- Business
- RNZ News
Finance Minister Nicola Willis criticises RBNZ over handling of Adrian Orr's resignation
Adrian Orr and Nicola Willis. Photo: RNZ Finance Minister Nicola Willis says the Reserve Bank Board could have "pulled their socks up" on former governor Adrian Orr's resignation and been more transparent about the reasons behind it. In March the Reserve Bank told media Orr's resignation was due to 'personal reasons'. But documents released on Wednesday show he quit because he believed the government was providing significantly less funding than he thought was viable for the central bank, and he could not continue in the role. In an accompanying statement, an RBNZ spokesperson said it became clear in late February that the board - chaired by Neil Quigley - was willing to agree to a "considerably" smaller sum than Orr thought was needed. "This caused distress to Mr Orr and the impasse risked damaging necessary working relationships, and 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 sufficiently less funding than he thought was viable for the organisation." Speaking to media at the Fieldays on Thursday, Willis was clear the bank could have shared that information earlier. "I have spoken to their chairperson Neil Quigley and expressed my view that they did not manage that Official Information Act request well and that I expect them to do better." Willis says Quigley has acknowledged "they could have, and should have, done better". "It's my expectation that all government agencies comply with their statutory obligations and wherever possible are open and transparent with New Zealanders," she said. "Of course they need to balance that against their legal obligations when it comes to employment discussions and agreements, but on this one I think they could have pulled their socks up." On 5 March the Reserve Bank revealed Orr's sudden resignation - he was expected to open a conference the next day, with his resignation to be announced the following week. That plan changed however after Orr raised concerns people were already aware of his intentions. The documents revealed an email from Orr - shortly after midday on 5 March - indicating at that stage he intended to still attend the conference. "I will proudly open the conference tomorrow morning, noting I am there to discuss today's news. I am proud to have worked with and for you all, and I know you will succeed ahead." But Orr ultimately did not attend or speak at the conference, nor did he take questions from media. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
2 days ago
- Business
- RNZ News
Was former governor Adrian Orr's resignation mishandled by the Reserve Bank?
Adrian Orr. Photo: The Reserve Bank's board is being taken to task for its handling of the surprise resignation of former governor Adrian Orr. Documents released under the Official Information Act showed Orr disagreed with the board over a large cut to the central bank's funding from the government. A former senior staffer at the RBNZ and stern critic of the governor Michael Reddell said Orr was right to go if he felt strongly, but the board mishandled the whole issue. "This is the first time we've learned of it," Reddell said. "I mean, it's over three months now since Adrian [Orr] resigned, it's almost two months since the funding agreement for the bank was released. "There's absolutely no reason why we shouldn't have been given this story at least two months ago." The RBNZ's chair Neil Quigley declined to be interviewed. Reddell said the RBNZ had become bloated under Orr and needed its spending cut. The head of well-known economic consultancy Brad Olsen also felt the RBNZ could have handled Orr's departure better by being more upfront. He said the reason for Orr's resignation was not surprising and was what many had suspected. Brad Olsen. Photo: RNZ / Samuel Rillstone "Why did it take this long to confirm that expectation?" Olsen asked. "There surely would have been no harm in discussing it at the time [of Orr's resignation]," he said. "There was a clear difference of opinion, it didn't work out and therefore things needed to change." Olsen said comments made by the RBNZ at the time of Orr's departure "doesn't really wash" with what he had seen in the documents released on Wednesday. However, Olsen also said Orr was right to resign if he felt he could no longer do the job. "I actually think that Adrian Orr made 100 percent the right move though," Olsen said. "If he's not happy and wasn't as governor in his position with what was coming down, what he would have to sign up to and similar, then the right move was to step aside." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
