Reserve Bank reveals Adrian Orr resigned as Governor over ‘distressing’ funding disagreement

The Reserve Bank of New Zealand (RBNZ) confirmed the resignation of Adrian Orr as Governor, primarily due to a disagreement over funding levels with the Government. The RBNZ stated that while the board, led by Neil Quigley, accepted a reduced funding amount, Orr believed he could not continue in his role with significantly less funding than he deemed necessary for the organization. Following discussions and the involvement of senior counsel for an exit agreement, Orr’s departure was deemed appropriate, although he agreed to assist with the transition.

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