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.
Distressing? Distressing for taxpayers maybe. The Reserve Bank had unprecedented growth in staff numbers and expenses under Orr, and he found it distressing that the Government wouldn’t;t give him even more money?
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From 250 staff to 660, and he says it wasn’t enough to do the job. Incredible. And when his own Board backed the Government, he got in a huff and quit.
David Farrar runs Curia Market Research, a specialist opinion polling and research agency, and the popular Kiwiblog where this article was sourced. He previously worked in the Parliament for eight years, serving two National Party Prime Ministers and three Opposition Leaders
3 comments:
As their task seems to be just to contain (or bolster) inflation with one mechanism, seems AI could do it.Could hardly have done worse through Covid. I guess laying off buddies is distasteful to many bosses.
Would be good to get the details on how the 150% extra staff were employed doing. But I think we know! Yes AI could be utilised to come up with ways to do the job required
Nothing beats throwing a tanty when you don't get your own way.
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