Reserve Bank appoints Bernard Hodgetts to head the Bank’s new Macro Financial Department

Reserve Bank appoints Bernard Hodgetts to head the Bank’s new Macro Financial Department

The Reserve Bank has appointed Bernard Hodgetts to head the Bank’s new Macro Financial Department.

Deputy Governor and Head of Financial Stability, Grant Spencer, said the creation of the new department reflected the growing emphasis on macro-financial stability.

“The new department will play an important role in overseeing the stability of New Zealand’s financial markets and the overall soundness of the financial system,” he said.

The department will be responsible for producing the Bank’s six-monthly Financial Stability Report, and will have close links to the Bank’s other policy departments. It will combine the existing Stability Analysis team from Financial Markets Department, and the Statistics Unit of the Economics Department.

The department will collect and disseminate financial statistics, and undertake analysis and research in support of the Bank’s macro-prudential policy function, Mr Spencer said.

Hodgetts has most recently been Head of Macro Financial Stability within the Financial Markets Department. He joined the Reserve Bank as an economist in 1986. In 1995, he joined the ANZ Bank and was their Chief Economist from 1998 to 2001, before returning to the Reserve Bank.

He will start as head of department on 15 April as a member of the central bank’s senior management group, leading the development of the new department, which is expected to be officially formed by late May.

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Bingo...! what did I say yesterday about the RBNZ to bring FX deals onto the balance sheet........no need for a Friday Funny this week ...it just get's funnier, wait till they carry the losses forward......at least Bollard will be happy they now want to understand the Complex workings of the unstable Global Finacial Climate....and we get to pick up the Tab.
 So um what's wheeler going to do...trot out at Announcements and jawbone on about how their working on it....he's even more redundant than his predecessor.
 Nice work BTW David H....how you like it so far...? catty bunch aren't we...

What does a Macro Financial Dept do?
 
While you are at it what does The Micro Financial Dept do

LOL - the same - but with microscopes instead of glasses.

The department will collect and disseminate financial statistics, and undertake analysis and research in support of the Bank’s macro-prudential policy function, Mr Spencer said.
 
We need to get beyond collecting statistics - the RBNZ needs to get pro-active and demand to see all on and off bank balance sheet positions and present the unsecured creditors with credible, regular risk analysis - laissez-faire, light-handed regulatory bank control is not up to restraining less than capable bank staff from throwing themselves, the bank,  government and  unsecured creditors under the bus.

Isnt that why the Australian Govt established APPRA and removed the prudential responsibilities away from the RBA to get a rifle approach rather than a blunderbus approach to exaclty that

I'm waiting for PDK to pop up with his re-arranging the deck chairs (on the titanic) comment