Reserve Bank Chairman Neil Quigley has resigned, Finance Minister Nicola Willis says.
In a statement issued late on Friday, Willis says Quigley tendered his resignation from the Board, and as Board Chairman, with immediate effect.
Willis told Newstalk ZB that she would have asked for his resignation had he not chosen to offer it himself.
Quigley's departure comes a day after the Chief Ombudsman completed an inquiry into complaints received about the Reserve Bank’s handling of Official Information Act requests relating to the abrupt departure of ex-Governor Adrian Orr in March. This saw the Reserve Bank publish a timeline of events leading up to Orr's departure on Thursday.
Appointed to the Reserve Bank Board in 2010, Quigley was elected Chairman in 2016. His term was not due to end until June 2026.
"Mr Quigley has decided that having overseen a number of key workstreams for the Bank, now is the appropriate time for him to hand over to a new Chair," says Willis.
"Mr Quigley departs with a new funding agreement in place, a major review of capital settings out for consultation and the recruitment of a new Governor well-advanced. He leaves the Bank well-positioned for the future. I thank him for his service and wish him well for the future."
She says Reserve Bank Deputy Chairman Rodger Finlay "will exercise the functions" of the Chairman until an appointment is made.
"Mr Quigley’s departure creates a vacancy on the board which will be filled in due course," adds Willis.
Quigley is also Vice-Chancellor of the University of Waikato.
Finlay is a former investment banker and fund manager and director or trustee of several entities including Rural Equities Ltd. He's also a fellow of Chartered Accountants ANZ.
13 Comments
I don't really see how anyone could be VC of a university while fulfilling responsibilities as an RBNZ board member. How many hours in the week does he have? Perhaps now he can devote his energy to the university. The students and teaching staff deserve it. And ultimately, that's what he's primarily paid for.
It’s never the crime it’s always the cover up
All those hours of work behind a desk is why he looks so deathly pale. Now he can go out to the tongariro inlets with his flies and rod, catch a nz salmon
Michael Reddell gets a lot of credit for this. He refused to let matters get swept under the rug.
Yes, his next (final?) take on the Orr/Quigley saga will be an interesting read.
Today's earlier pre resignation one sums up:
https://croakingcassandra.com/2025/08/29/weak-minister-weak-institution…
Hmmm who will be reappointed and what ties will they have to the national party? This will be the big revealer given Willis has said she would have asked him to step down otherwise. Convenient for Govt to ply influence into a supposedly independent entity when it is conveniently when they need to start being seen to do something for votes come next election.
In all fairness they should work together
Rubbish. Quigley demonstrated an astonishing failure of common sense in his communications with Treasury.
Late on Friday ...
Always
Orr for Reserve Bank Governor
Orr not
It smells more of a nasty accident with a nail gun then falling on a sword... after his comments came to light about how the treasury should not be allowed to minute a discussion with the RBNZ he was dead man walking.
All this time Willis will have know all of this and that she could not lose here.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.