22 August 2002

Statement From Dr Alan Bollard On Reserve Bank Governor Position

Yesterday, the non-executive Reserve Bank directors nominated me for the position of Reserve Bank Governor, and the Government accepted that nomination subject to the conclusion of a contract of employment and to the negotiation of a new Policy Targets Agreement.

I am delighted to be offered the privilege to lead such a highly-professional institution that plays an important role in New Zealand’s business environment and economy.

At the same time, I am very sorry to be leaving the Treasury, where I have relished my past four-and-a-half years. I am extremely grateful for the support of the staff, fellow Chief Executives and Ministers I have worked with throughout this period.

The next step will be to negotiate the Policy Targets Agreement with the Minister of Finance. The timing of my move to the Reserve Bank is yet to be agreed with my employer, the State Services Commissioner.

Until the Policy Targets Agreement is finalised, and my employment contract is signed, it would be inappropriate for me to make any further comment on any matter relating to the Reserve Bank Governor position. However, I will be available at 1pm on the 13th floor of the Treasury to answer any questions relating to the rest of this statement.

ENDS

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