Reserve Bank of New Zealand

23 January 2007

Grant Spencer to be Head of Financial Stability

Reserve Bank Governor Alan Bollard today announced that the Bank's Assistant Governor, Head of Economics, Grant Spencer, will move to become Head of Financial Stability.

The Financial Stability Department manages the Bank's responsibilities for banking regulation, foreign reserves management, market operations and liquidity management.

This move follows the resignation of Adrian Orr, Deputy Governor, who will be taking up a position as Chief Executive of the Guardians of the New Zealand Superannuation Fund.

Mr Spencer has economics degrees from Victoria University and the London School of Economics. He began his career at the Reserve Bank, where he headed the Economics and Financial Markets departments, before moving to the ANZ Bank, where he spent several years in senior management roles in Wellington, Melbourne and Auckland. He has also worked at the International Monetary Fund. He returned to the Bank as Assistant Governor in 2004.

Simon Tyler, Manager Market Operations, will be acting Head of Financial Stability until Mr Spencer takes up his new role. Bernard Hodgetts, Manager Issues and International, will be acting Head of Economics until a permanent appointment is made.

ENDS

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