Geoff Bascand, the Reserve Bank Deputy Governor and General Manager for Financial Stability, will leave the central bank early next year.
In a statement the Reserve Bank didn't say what Bascand's plans after his departure are. He has been at the Reserve Bank since 2013. In 2017 Bascand told interest.co.nz he'd put his hand up for the Governor's job, which ultimately went to Adrian Orr.
In the statement Orr says Bascand leaves with the Reserve Bank’s "deep gratitude for his contribution to the Bank and the wider financial system."
“Geoff has made an incredible contribution to the Bank, and we’re indebted to his leadership, guidance and wisdom,” Orr says.
Bascand has been Deputy Governor since May 2013, and is also a member of the Monetary Policy Committee. He will leave in January.
“The Bank is a special place that makes a massive contribution to New Zealanders’ wellbeing. I have had extraordinary opportunities to participate in a huge range of important initiatives, and work with many wonderful colleagues, but I want to make more time for other interests in my life," Bascand says.
Orr, the Reserve Bank Board and Minister of Finance Grant Robertson "will determine in due course" the preferred option to succeed Bascand as Deputy Governor.
Prior to joining the Reserve Bank, Bascand was the Government Statistician and Chief Executive of Statistics New Zealand. He also previously worked in senior management roles in the Department of Labour and the Treasury, and was a staff economist at the International Monetary Fund.