Business / Economy

RBNZ loses two more senior staff in restructure

19:38 pm on 14 December 2021

The Reserve Bank is losing another two long-serving senior staff.

The central bank's supervision head Andy Wood, and financial system policy and analysis head Toby Fiennes have opted not to take roles in the revamped structure.

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"Andy and Toby have both achieved a huge amount in their careers at the RBNZ. Toby has overseen first class policy advice that has driven a significant expansion of our regulatory responsibilities, and Andy has successfully nurtured talent and led the growth to support our more intensive supervision approach," Governor Adrian Orr said.

Wood, who is leaving before Christmas, has been with the RBNZ since 2008, and Fiennes, who has been with the bank since 2005, will leave in March.

Their departures follow those of Deputy Governor Geoff Bascand, and chief economist Yuong Ha.

Two external members of the RBNZ's Monetary Policy Committee, which sets interest rates, Bob Buckle and Peter Harris, also end early next year, which will leave four positions on the Committee needing to be filled.

The RBNZ restructuring has come with a broadening of its policy mandates, with the senior leadership team rising from six to eight.

The loss of senior staff prompted questions about workplace relations and Orr's leadership style at the Finance and Expenditure select committee last month.

Orr's position has also been questioned by former National leader and now finance spokesperson, Simon Bridges, and ACT party leader David Seymour.

However, newly-appointed National leader Christopher Luxon last week voiced confidence in Orr.