Finance Minister Grant Robertson adds ex-bank boss, former FMA enforcer and commercial lawyer to panel advising him on Phase 2 of the RBNZ Act review

Finance Minister Grant Robertson has added three more people - Barbara Chapman, Belinda Moffat and John Sproat - to the panel advising him on the review of the Reserve Bank Act.

Chapman the former ASB CEO, Moffat the ex-Director of Enforcement and Investigations at the Financial Markets Authority, and commercial lawyer Sproat, join existing members of Robertson's Independent Expert Advisory Panel, -  Suzanne Snively, Malcolm Edey and Girol Karacaoglu.

"The Review of the Reserve Bank Act is a one-in-thirty-year opportunity to ensure New Zealand has a well-functioning and efficient financial system,” Robertson says.

“Phase 1 of the Review considered and recommended changes to New Zealand’s monetary policy framework. These included that the Reserve Bank considers maximum sustainable employment alongside its price stability mandate, which it is now doing. Phase 2 will ensure the Reserve Bank Act is fit for purpose and aligned with what the Government considers is a strong, flexible and enduring regulatory framework for the financial system that enjoys broad public and industry support.”

Work on Phase 2 is being led by a joint Reserve Bank and Treasury team, which Robertson says will soon release details outlining the Phase 2 process. The panel’s role is to provide independent advice to Robertson on the work being carried out by that team.

Robertson issued the terms of reference for Phase 2 in June.

“As the terms of reference for Phase 2 are broader and more wide-ranging than Phase 1, the appointments announced today will enhance the existing panel by adding a mix of regulator and regulated and capital markets advisory experience,” Robertson says.

Snively who chairs the panel, is a former Reserve Bank director, an economic strategist, professional director and risk management advisor. Edey is a consulting economist and academic at the University of Sydney, who was previously an Assistant Governor at the Reserve Bank of Australia. And Karacaoglu heads the School of Government at Victoria University and used to be Deputy Secretary at the Treasury and CEO of PSIS.

Below is more detail on the three new panel members, and the Treasury page detailing the review is here.

Barbara Chapman is an experienced banker with a 36-year career in the financial sector, culminating as the Managing Director and Chief Executive of ASB. She is now focused on governance roles as a director of Genesis Energy, NZME and Fletcher Building.

Belinda Moffat is a lawyer by training with a career that spans law, banking and regulation. She is currently the Chief Executive of the Broadcasting Standards Authority and was previously the Director of Enforcement and Investigations at the Financial Markets Authority immediately following its establishment.

John Sproat is a commercial lawyer who practised for 23 years as a banking and finance partner at Chapman Tripp, focusing on a wide range of capital markets and financing transactions. More recently he was special counsel for Al Busaidy, Mansoor Jamal and Co in Oman. He has recently been appointed to the Independent Advisory Panel of the Provincial Growth Fund.

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